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OPEC crude output fell sharply in January, with Reuters survey data showing 30.01 million bpd from 11 member countries versus 31.17 million in December. OPEC reached 82 percent compliance with its promised cuts, and Brent traded near $55.73.
Stronger OPEC compliance supports crude prices, though rising US shale output limits the upside and keeps energy costs moderate for feed users.
arabnews.comReutersFeb 1, 2017After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% 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.
