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OPEC+ will hold its June policy meeting online rather than in person, and delegates expect the group to extend its roughly 2 million bpd of supply curbs into the second half of the year. Crude traders also expect the cuts to be maintained.
Expectations of a rollover of supply curbs support crude prices, which feed into diesel, freight and energy costs for feed producers.
worldoil.comGrant Smith, Fiona MacDonald, Salma El Wardany, BloombergMay 24, 2024After 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.
After 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.
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.
