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OPEC committed in Vienna on June 22 to increase oil production, but the communique referenced only the existing November 2016 target. Actual output has already fallen well below that target, leaving the agreement's impact unclear.
Uncertainty about how much supply will actually rise leaves crude price direction unclear, with limited near-term effect on feed input costs.
petroleumnews.comAlan BaileyJul 1, 2018After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
