Loading…
Oil producers, many in OPEC, announced production cuts of more than 1 million barrels per day after international crude prices had slumped on a slowing global economy. The cuts add to an earlier 2 million barrel per day reduction.
The article says the move could lift gasoline prices and benefit Russia.
The reduction tightens crude supply and is expected to push up gasoline and diesel prices. Higher fuel costs add to the expense of transporting feed ingredients and finished feed.
apnews.comDavid MchughApr 3, 2023After 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.
After 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 90 past bullish policy events, ULSD / Diesel moved a median +1.4% over 5 sessions (66% higher; middle half -1.9% to +4.1%), 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.
