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Oil prices settled higher on a monthly gain of more than 5 percent as Brent approached two-year highs. The WTI discount to Brent widened to nearly $7, which opened the way for a spike in US crude exports, now close to 2 million bpd.
Shale producers may add rigs as prices rise.
A wider Brent-WTI spread that pulls US crude abroad can tighten domestic US supply and push WTI relative to Brent, affecting US energy and freight costs for feed buyers.
cnbc.comReutersOct 31, 2017
thenationalnews.comReutersNov 1, 2017After 80 past bearish trade events, Crude Oil (WTI) moved a median -2.2% over 5 sessions (30% higher; middle half -6.9% to +0.8%), and -1.5% over 20.
After 12 past neutral trade events, Crude Oil (Brent) moved a median +2.3% over 5 sessions (75% higher; middle half +0.2% to +4.6%), and +4.7% 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.
