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OPEC Secretary-General Mohammed Barkindo said OPEC and non-OPEC members are working to formalize their cooperation. He said the aim is to stabilize oil prices, and the joint cut of 1.8 million barrels per day runs for nine months from July 2017.
A formal OPEC-non-OPEC framework could support crude prices over the longer term. Stable energy prices help cap costs for feed producers and their suppliers.
theeconomictimes.com.ngEconomic TimesJun 5, 2017After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
