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Oil prices edged lower after Russia's government ordered companies to cut output in the second quarter. The cut is meant to meet a 9 million bpd target under its OPEC+ pledges.
Russian output cuts tighten supply, which partly offsets the price-easing effect of the market's reaction and keeps crude costs elevated for feed production.
reuters.comLaura SanicolaMar 26, 2024After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% 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.
