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WTI rallied more than 4% after OPEC announced a production increase of about one million barrels per day, which the market viewed as underwhelming. Realistic output gains may be closer to 700,000 bpd because some members are already pumping at capacity.
The modest OPEC increase leaves the market tighter than expected, with IEA data showing a growing call on OPEC supply. This supports crude and, through biofuel demand, vegetable oil prices.
oilprice.comRobert RapierJun 30, 2018Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
