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WTI crude rose to $69.00, its highest since May 25, after OPEC agreed to raise output by about 600,000 barrels a day, less than expected. WTI was up about 5% on the day and close to $5 for the week.
The OPEC deal restores compliance with the existing output agreement, so the supply response is limited and crude prices are supported. Higher crude raises energy and freight costs for feed buyers.
forexcrunch.comFX StreetJun 22, 2018After 438 past bullish policy events, WTI moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), 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.
