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OPEC cut crude production by 860,000 b/d in January, its largest monthly fall in nearly three years. Output nonetheless remained 570,000 b/d above its first-half 2017 target.
Oil prices had fallen about $1 per barrel early in February but stayed above $50.
The largest monthly cut in nearly three years tightens crude supply and supports prices, though the remaining gap to target caps the rally. Crude price direction affects biofuel economics and energy costs for feed.
mees.comMEES Data Driven Middle East Oil, Gas AnalysisFeb 10, 2017After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.
After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% 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.
