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OPEC and Russia are set to raise oil output by up to 1 million barrels a day, with the decision to be finalized the following month. Brent slipped 2% to $76.84 after prices had risen above $80 for the first time since 2014.
The increase is intended to replace supply lost from Venezuela and Iran as US sanctions on Iran take effect.
A planned output increase of up to 1 million barrels a day is a major bearish signal for crude, reducing energy costs across biofuel and feed supply chains. The move also reflects US pressure to keep oil markets well supplied.
irishtimes.comFriMay 25, 2018After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% 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.
