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Reuters reported that Saudi Arabia, other OPEC members and non-OPEC allies intend to keep the global supply-cut pact through the end of 2018. Any adjustment would be gradual, and no decision has been made on volume or timing.
A Gulf source said the market is moving toward balance but producers are not yet ready to fully lift controls.
A gradual, uncommitted path to higher supply limits the bearish pressure on crude, so energy costs for biofuel feedstocks may stay firmer than the headline increase suggests. The outcome remains uncertain until a decision is made.
markets.businessinsider.comGina HeebMay 30, 2018
octaafrica.netMay 30, 2018After 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.
After 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.
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.
