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Saudi Arabia told OPEC it pumped 10.488 million bpd in June, up 458,000 bpd from May. Saudi total supply was higher still, suggesting it drew on storage.
Saudi output growth backed by stock draws means the supply boost is real but partly temporary, which limits how far crude prices can fall.
reuters.comJul 5, 2018After 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.
After 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.
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.
