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OPEC reported that its oil production fell by 79,000 b/d in August to 32.76 million b/d, the first drop since April. The group also raised its forecast for OPEC crude demand next year and said stocks are falling.
Lower output and falling inventories point to a market rebalancing, which supports crude prices.
ogj.comOGJ editorsSep 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.
