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Oil rose more than 1 percent after the IEA reported record initial OPEC compliance of 90 percent in January. Brent traded near $56.29 and WTI near $56.56, and the IEA said the global stock overhang could fall by about 600,000 bpd over six months.
Record compliance and a shrinking inventory overhang support crude and diesel costs, which raise the cost of grain and feed logistics.
financialpost.comReutersFeb 10, 2017After 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.
After 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.
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.
