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OPEC raised its 2017 and 2018 demand estimates for its crude by about 200,000 bpd each, citing stronger fuel consumption. A Libyan production rebound lifted OPEC output in July to its highest of the year.
Higher demand forecasts are supportive for crude, but rising output undercuts the rebalancing plan, leaving the net price effect mixed.
bloomberg.comGrant SmithAug 10, 2017After 56 past neutral report events, Crude Oil (WTI) moved a median +0.0% over 5 sessions (50% higher; middle half -2.7% to +2.5%), and +0.8% over 20.
After 41 past neutral report events, Crude Oil (Brent) moved a median -1.4% over 5 sessions (41% higher; middle half -4.0% to +1.9%), 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.
