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Iraq's oil minister said Iraq and some other producers in the global output cuts want an additional 1% supply reduction to rebalance the market. Some also favor extending the cuts through the end of 2018.
Talk of deeper or longer cuts supports crude prices by signaling tighter future supply.
bloomberg.comAnthony Di PaolaSep 19, 2017After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), 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.
