Oil rises $3/bbl after Russia signals output cut due to price cap

After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.

• Feb 10, 2023Russia announces cut to oil output over Western price caps | AP News+0.5%
• Apr 12, 2020Record deal to cut oil output ends price war - BBC News-19.9%
• Apr 9, 2020Saudi Arabia and Russia end their oil-price war with output cut agreement-20.7%
• Feb 10, 2023Russia to cut oil output by 500,000 bpd in March+0.5%
• Mar 1, 2019Oil prices rise as markets tighten due to OPEC supply cuts-1.0%

After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.

• Feb 10, 2023Russia announces cut to oil output over Western price caps | AP News+0.6%
• Apr 12, 2020Record deal to cut oil output ends price war - BBC News-6.7%
• Mar 2, 2022Oil price rises again as buyers shun Russian crude+21.0%
• Apr 9, 2020Saudi Arabia and Russia end their oil-price war with output cut agreement-20.8%
• Feb 10, 2023Russia to cut oil output by 500,000 bpd in March+0.6%