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OPEC+ ministers kept their oil supply policy unchanged at a meeting on April 3, 2024, and pressed some members to improve compliance with output cuts. The decision helped push international crude to its highest level in five months, near $90 a barrel.
Holding the cuts in place keeps supply tight, which supports crude prices and feeds into energy and biofuel costs for feed producers. Higher crude also tends to lift diesel and fertilizer input costs.
reuters.comAlex LawlerApr 3, 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.
