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Oil steadied as Russia joined OPEC in cutting production, with Russian condensate output down about 100,000 bpd between December and January. Brent traded near $55.63 and WTI near $52.86, while a reported rise in US crude inventories limited gains.
Russian and OPEC cuts support crude prices, but rising US inventories cap upside, leaving energy input costs mixed for feed producers.
offshore-energy.bizOffshore Energy TodayFeb 1, 2017After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% 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.
