Oil prices down 2% on U.S. rig count, underwhelming OPEC+ cuts

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.

• Nov 30, 2023Oil prices fall amid skepticism on OPEC+ supply cuts - Markets - Business Recorder-10.5%
• Mar 1, 2019Crude Oil Prices Fall On Trump's OPEC Tweet But U.S. Shale Boom Continues+0.0%
• Nov 28, 2017Oil prices slip on OPEC deal extension jitters-0.9%
• Jun 30, 2020OPEC, Russia seen easing oil production cuts from August - sources+3.0%
• Jul 19, 2021Oil prices plunge on coronavirus threats, OPEC’s pledge to add barrels+0.6%

After 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.

• Nov 30, 2023Oil prices fall amid skepticism on OPEC+ supply cuts - Markets - Business Recorder-11.0%
• Mar 1, 2019Crude Oil Prices Fall On Trump's OPEC Tweet But U.S. Shale Boom Continues-1.0%
• Nov 28, 2017Oil prices slip on OPEC deal extension jitters-1.1%
• Jun 30, 2020OPEC, Russia seen easing oil production cuts from August - sources+2.3%
• Jul 19, 2021Oil prices plunge on coronavirus threats, OPEC’s pledge to add barrels+0.6%