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Goldman Sachs says the Saudi-Russia plan to raise output by 1 million barrels a day signals tight supply and is not bearish. Brent slid 1.9% to $74.98 a barrel, and the bank expects inventories to keep falling.
Analysts view the planned output increase as only offsetting declining supply, which keeps crude prices supported. Persistent high crude costs sustain energy and freight expenses for feed producers.
gulfnews.comBloombergMay 28, 2018Not 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.
