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Axios reported that OPEC and allied producers agreed to keep current oil output targets during a Sunday videoconference. The decision followed a recent drop in energy prices and came before the G7 price cap on Russian oil took effect.
Keeping the October 2 million bpd cut in place limits supply growth, providing some support to crude and diesel prices that feed costs depend on.
axios.comJacob KnutsonDec 4, 2022
reuters.comAlex Lawler, Ahmad Ghaddar, Olesya AstakhovaDec 4, 2022After 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.
