U.S. crude oil falls more than 3% as OPEC+ plans phasing out production cuts

After 215 past bearish policy events, WTI moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.

• Dec 4, 2022OPEC Plus opts against cutting production as oil prices fall - The Washington Post-11.1%
• Jun 30, 2020OPEC, Russia seen easing oil production cuts from August - sources+2.3%
• Nov 6, 2019Oil markets fall as it is reported that OPEC+ members are not looking for another production cut — Octa-0.7%
• Mar 31, 2022OPEC+ Sticks To Modest Oil Production Hike Despite Calls For More Supply-10.6%
• Aug 27, 2018OPEC Committee: Oil Producers Cut July Output By 9% More Than Agreed | Rigzone+0.6%

After 210 past bearish policy events, BRENT moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.

• Dec 4, 2022OPEC Plus opts against cutting production as oil prices fall - The Washington Post-11.4%
• Jun 30, 2020OPEC, Russia seen easing oil production cuts from August - sources+3.0%
• Nov 6, 2019Oil markets fall as it is reported that OPEC+ members are not looking for another production cut — Octa-1.1%
• Mar 31, 2022OPEC+ Sticks To Modest Oil Production Hike Despite Calls For More Supply-11.9%
• Aug 27, 2018OPEC Committee: Oil Producers Cut July Output By 9% More Than Agreed | Rigzone+2.8%