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Analysts said the market overreacted to OPEC's nine-month extension of output cuts to March 2018, which sent prices nearly 5% lower. Wood Mackenzie expects supply to rise about 200,000 bpd while demand grows 1.3 million bpd, and it sees Brent averaging $55 this year.
Projected inventory drawdowns in the second half of 2017 suggest crude prices may recover, which would support energy costs for feed producers later in the year.
cnbc.comHuileng TanJun 1, 2017Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
