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OPEC+ agreed on Nov 30 to additional output curbs of 1 million barrels per day, alongside an extension of Saudi Arabia's unilateral 1 million barrel cut. Traders read the cuts as voluntary, and WTI fell more than 2% to $75.96 while Brent settled at $82.83.
Brazil confirmed it will join OPEC+ next year.
Deeper voluntary cuts are a modest bullish signal for crude, which feeds through to diesel, freight and biofuel economics, though weak demand expectations limit the upside.
finance.yahoo.comInes FerréNov 30, 2023After 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.
