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OPEC raised its 2018 oil demand growth forecast by 60,000 barrels per day to 1.59 million bpd, citing a healthy world economy. The forecast was reported on February 12, 2018.
A higher demand outlook supports crude prices, which feeds into energy and biofuel costs for feed ingredients. The effect is moderate because the revision is small.
markets.businessinsider.comKimberly ChinFeb 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.
