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The OPEC and non-OPEC monitoring committee met in St. Petersburg and said the oil market is making steady progress toward rebalancing. Conformity with output cuts reached 98 percent in June, and oil demand is expected to rise by about 2 million bpd in the second half of the year.
Expected demand growth and high compliance point to faster inventory draws, which is supportive for crude prices and energy costs.
aa.com.trJul 24, 2017After 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.
After 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.
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.
