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OPEC+ meets in Vienna on June 4 to decide its output policy. The group agreed in April to deepen cuts to 3.66 million bpd, and Brent has since given back the gains that followed.
Output cuts support crude prices, which feed into fuel, freight and fertilizer costs. The June decision will determine whether that support continues.
finance.yahoo.comReutersMay 30, 2023After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
