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OPEC+ delegates say the group will make no changes to oil production policy at next week's monitoring meeting. Saudi Arabia and its allies only started new cutbacks this month and need time to assess them, and Brent traded near $80 a barrel.
No policy change keeps the new 900,000 bpd cuts in place, which supports crude prices and raises diesel and energy costs for feed mills.
sweetcrudereports.comHector IgbikiowuboJan 29, 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.
