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OPEC and allies agreed to remove 1.2 million barrels per day from the market for the first half of 2019, with OPEC cutting 800,000 bpd and Russia and others 400,000 bpd. Brent traded near $63, up about 4.9 percent.
The coordinated cut removes a substantial volume of crude supply, pushing energy prices higher and supporting biofuel demand.
After 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.
Details of the 1.2 million bpd cut for H1 2019 with Brent up about 4.9% directly match the move.
