Loading…
Seven Opec+ producers are reportedly likely to agree to raise their July oil output target by about 188,000 bpd at a June 7 meeting, according to four sources. Group output fell to 33.19 million bpd in April from 42.77 million bpd in February amid supply disruptions linked to the Iran war.
The UAE has left the alliance.
A modest planned output increase adds some supply, which is bearish for crude and diesel costs that feed into freight and feed production. Losses from war-hit Gulf exports limit how much the increase can ease prices.
tradearabia.comMar 9, 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.
