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OPEC, meeting in Vienna, is expected to raise production because global oil inventories have fallen from their earlier glut. Demand growth and output losses in Venezuela have tightened the market since the 2015 supply-cut pact.
An expected OPEC output increase would add crude supply and could cap crude prices, which feed into biofuel economics and diesel and fertilizer costs.
freightwaves.comJohn KingstonJun 21, 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.
