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WTI fell 2.5% to settle at $45.77 on July 21 after PetroLogistics reported OPEC July supply would rise by 145,000 bpd. Higher output from Saudi Arabia, the UAE and Nigeria drove the increase, and WTI erased its earlier gains.
Rising OPEC output adds to the global glut and pressures crude prices, which lowers energy and biofuel input costs and weighs on related vegetable oil prices.
cnbc.comTom DiChristopher, Fred ImbertJul 21, 2017After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% 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.
