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Futures rose more than 2 percent in New York and London as OPEC and allied nations finalized a plan to curb output by 1.2 million barrels per day, about 20 percent more than previously discussed.
A larger-than-discussed production cut tightens crude supply, supporting energy prices and related biofuel demand.
bloomberg.comJessica SummersDec 6, 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.
Prior-day finalization of the cut plan lifted prices and set up the follow-through on the formal announcement, though it is largely priced in before the 12-07 move.
