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Saudi Arabia and Russia reaffirmed that they will keep oil supply curbs of more than 1 million barrels a day until the end of the year. The move came as a rally in crude prices was faltering.
Continued curbs tighten crude supply and support energy input costs for feed mills and transport. The extension was widely expected, so the price effect is limited.
bloomberg.comGrant Smith, Salma El WardanyOct 4, 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.
