Loading…
OPEC's June output rose about 393,500 barrels a day to 32.6 million bpd, led by Libya and Nigeria, which are exempt from cuts. Saudi Arabia also reported pumping above its agreed quota.
The increases came despite the existing production-cut deal.
Rising output from exempt members and overproduction weaken the effort to drain inventories, which limits crude price gains and energy-cost support.
cnbc.comTom DiChristopherJul 12, 2017After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% 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.
