OPEC pricing power limits downside risks to oil prices, Goldman says

After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.

• Sep 20, 2023Goldman Sachs Says Oil’s Going Back to $100 as OPEC+ Cuts - Bloomberg-1.1%
• Apr 30, 2018Will oil prices be the trigger that wakes the inflation beast? - Financial Post-0.2%
• Jun 28, 2020Research firm expects recovering oil prices to limit ringgit from depreciating | Malaysiakini+5.0%
• Nov 10, 2021Canadian dollar outperforms G10 peers as oil clings to recent gains | Financial Post-2.4%
• Jul 31, 2023Goldman Sachs: China Is The Biggest Driver Of The Oil Price Rally | OilPrice.com+2.4%

After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.

• Aug 23, 2022Canadian dollar snaps losing streak as oil prices jump | Financial Post+5.3%
• Oct 8, 2020Canadian dollar rallies on higher oil prices, U.S. stimulus hopes | Financial Post+2.7%
• Dec 2, 2020Canadian dollar notches a 2-year high on higher oil prices | Financial Post+2.4%
• Dec 10, 2021Canadian dollar set to end weekly losing streak as oil rallies | Financial Post+2.1%
• Sep 20, 2023Goldman Sachs Says Oil’s Going Back to $100 as OPEC+ Cuts - Bloomberg-0.1%