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OPEC and allied producers are discussing raising output by 500,000 barrels per day to offset lost Iranian supply caused by US sanctions, according to a Reuters source. The talks are not finalized and the next formal OPEC meeting is set for December 3.
A possible supply increase would cap crude prices that have been rising on Iran sanctions, easing energy input costs for feed manufacturers if it is adopted.
reuters.comRania El Gamal, Ahmad GhaddarSep 21, 2018After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
