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Middle East OPEC producers are concerned that weak demand and excess supply in early 2018 could undermine the oil price rally. Brent has risen about 30 percent since June, helped by supply cuts and Hurricane Harvey's refinery outages.
Expectations of a 2018 supply glut could cap energy prices, which in turn limits cost pressure on freight, fertilizer and biofuel margins.
arabnews.comReutersSep 29, 2017After 54 past neutral macro events, Crude Oil (Brent) moved a median +0.4% over 5 sessions (57% higher; middle half -2.8% to +2.5%), and +0.6% over 20.
After 102 past neutral macro events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -3.3% to +2.5%), and +1.8% 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.
