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Ahead of the April 3 meeting, Reuters reported that OPEC+ was unlikely to change its output policy at the panel review. The panel's recommendations were to be considered later in a full ministerial meeting including all members.
The expectation of no change reduces the chance of a sudden supply shift, leaving crude prices supported by existing cuts. The effect on feed commodities is indirect, through energy costs.
reuters.comAlex LawlerApr 2, 2024After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
