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Oil prices spiked higher as major producers agreed to cut output after a roughly 25 percent fall over recent months. The reduction was driven by heavy production from major exporters including the US.
A production cut firms crude prices, supporting energy costs and biofuel demand that influence vegetable oil and feed pricing.
apnews.comANTHONY MILLS, KIYOKO METZLER, DAVID RISINGDec 7, 2018After 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.
Same-day coverage of the producers' cut agreement after a steep price slide, which spurred a supply-driven rebound.
