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A Reuters survey found OPEC oil output fell by 300,000 barrels per day in November, to its lowest level since May. The drop reflected lower Angolan and Iraqi exports, strong compliance with the supply cut deal, and involuntary declines.
Lower OPEC supply tightens the crude market and supports oil prices, which in turn lift diesel and fertilizer costs for feed producers.
reuters.comAlex LawlerDec 4, 2017After 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.
