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OPEC's monthly report said the global oil stock surplus is close to disappearing, with developed-world stocks about 43 million barrels above the five-year average. It also raised its forecast for production from non-OPEC rivals, citing healthy demand and high compliance with supply cuts.
A near-vanished surplus and firmer demand outlook point to tighter balances and support crude prices, though higher non-OPEC output limits the upside.
thenationalnews.comReutersApr 12, 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.
