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OPEC+ kept its oil output policy unchanged at a ministerial panel meeting on February 1, 2024, and sources said a decision on extending the 2.2 million bpd voluntary cuts for the first quarter will come in March. Brent traded above $81 a barrel.
Keeping the cuts in place for now supports crude prices, since the extension decision remains open and could tighten supply from April. Prices also drew support from rate-cut expectations and Red Sea tensions.
gulfbusiness.comReutersFeb 2, 2024
reuters.comAhmad Ghaddar, Olesya Astakhova, Maha DahanFeb 1, 2024After 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.
After 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.
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.
