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OPEC pumped 32.79 million barrels per day in August, according to a Reuters survey, up 220,000 bpd from July's revised level. The figure is the highest this year, despite losses from Iran.
The survey points to continued supply growth from the group.
A survey showing OPEC output at a 2018 high adds supply to the market and tends to push crude prices lower, easing energy costs for feed buyers.
reuters.comAlex LawlerAug 31, 2018reuters.comAlex LawlerAug 31, 2018After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% 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.
