Loading…
OPEC+ agreed to delay a planned December 2024 output increase by one month, keeping supply restrained. The planned increase was part of unwinding a 2.2 million bpd cut.
Keeping crude supply tight supports oil prices, which feed into energy costs for feed milling and transport and influence biofuel-linked vegetable oil values.
reuters.comAlex Lawler, Maha Dahan, Olesya AstakhovaNov 3, 2024After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% 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.
