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OPEC's August output fell by 79,100 barrels a day, the first decline since March, according to a monthly tally from independent sources. Losses in key exporters offset rising output in Libya and Nigeria, which are exempt from the cuts.
A monthly output drop helps drain the global glut, which is supportive for crude prices, though Libyan and Nigerian recovery limits the effect.
cnbc.comTom DiChristopherSep 12, 2017After 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.
After 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.
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.
