Oil settles lower as OPEC plans to increase oil output

After 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.

• Dec 2, 2021OPEC to proceed with plans to increase January oil output+10.6%
• Apr 28, 2019Global oil prices slip after US demands OPEC to increase output-2.1%
• Jun 1, 2021OPEC+ agrees to continue planned crude output increases+4.4%
• Aug 22, 2024OPEC⁺ faces moment of truth on planned output increase+3.7%
• Aug 2, 2026OPEC, Allies Increase Oil Output for Sixth Time in a Row - WSJ-7.5%

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.

• Dec 2, 2021OPEC to proceed with plans to increase January oil output+9.7%
• Apr 28, 2019Global oil prices slip after US demands OPEC to increase output-0.3%
• Jun 1, 2021OPEC+ agrees to continue planned crude output increases+2.4%
• Aug 22, 2024OPEC⁺ faces moment of truth on planned output increase+2.5%
• Aug 2, 2026OPEC, Allies Increase Oil Output for Sixth Time in a Row - WSJ-8.5%