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Oil futures fell about 3% on Friday after President Trump again pressed OPEC to raise crude output to ease gasoline prices. The move came as traders reversed some of the week's gains.
Public pressure for more OPEC supply raises expectations of higher crude output, which pressures crude prices lower and feeds into lower fuel costs for feed-related transport and processing.
reuters.comLaila KearneyApr 26, 2019After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% 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.
Reports the Friday drop of about 3% as Trump pressed OPEC to raise output, which raised expected supply and prompted traders to reverse the week's gains.
