Loading…
OPEC+ ministers kept their current output reduction strategy unchanged after Saudi Arabia and Russia vowed to keep their cuts. Crude had approached $100 a barrel the previous week before easing on worries about a slowing economy and high interest rates.
The unchanged cuts keep physical crude supply tight, supporting fuel and freight costs for the feed sector. Demand concerns from slower growth and higher rates cap how far prices can rise.
al-monitor.comAgence France-PresseOct 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.
