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Saudi Arabia and other producers discussed a possible production increase of about 500,000 barrels per day among OPEC and non-OPEC members. The article also flags concern about additional US supply next year.
Talk of extra supply from both OPEC and US shale points to softer crude prices later, which would lower energy and freight costs for feed users.
reuters.comRania El GamalSep 27, 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.
