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A Reuters survey found OPEC crude output fell by 70,000 bpd in April, while output from the 12 members with supply-cut targets fell by 10,000 bpd. Those members are at 162 percent compliance with their pledged reductions, up from 161 percent in March.
Lower OPEC output with compliance well above pledged cuts tightens crude supply, which is mildly supportive for oil prices and the energy costs that feed into feed and freight.
reuters.comApr 30, 2018After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% over 20.
After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% 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.
