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Oil futures settled higher on Tuesday, posting their largest one-day gain in about two weeks, as traders anticipated OPEC+ would further delay unwinding production cuts. WTI rose 2.7% to $69.94 and Brent rose 2.5% to $73.62.
Expectations of continued OPEC+ supply restraint lift crude prices, raising diesel and freight costs and supporting vegetable oil and biofuel feedstock demand.
marketwatch.comMyra P. Saefong,William WattsDec 3, 2024After 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.
