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Saudi Crown Prince Mohammed bin Salman and Vladimir Putin discussed oil market stability in a phone call ahead of a virtual OPEC+ ministerial meeting on Wednesday. Delegates told Reuters the meeting was likely to conclude without output policy changes.
An expected hold on OPEC+ output keeps crude supply steady, leaving prices driven mainly by Chinese demand and Fed policy.
oilprice.comCharles KennedyJan 30, 2023After 63 past neutral geopolitics events, Crude Oil (Brent) moved a median -0.5% over 5 sessions (44% higher; middle half -4.4% to +2.6%), and -2.7% over 20.
After 60 past neutral geopolitics events, Crude Oil (WTI) moved a median -0.9% over 5 sessions (43% higher; middle half -4.7% to +2.3%), and -1.9% 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.
