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A Reuters survey found OPEC crude output fell from a record high in December but still ran 1.68 million bpd above the 32.50 million bpd target agreed on Nov. 30.
The target takes effect from Jan. 1 as the cartel's first supply cut in eight years.
Output still above target means compliance is uncertain, but the decline points to tightening supply that supports crude prices.
reuters.comAlex LawlerJan 5, 2017After 131 past bullish report events, 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, 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.
