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Crude oil rose on a Bloomberg report that Russia will agree with OPEC+ on further oil export cuts into October. Russia had already announced a 300,000 bpd output cut for September.
Offsetting factors included a rise in Iranian exports to a 5-year high and progress in Iran-U.S. relations.
Extended Russian export cuts remove barrels from the market and support crude prices, though rising Iranian supply limits the upside.
barchart.comRich AsplundAug 31, 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.
