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Oil rose after Saudi Arabia said OPEC+ was sticking with its output cuts and could take further steps to balance the market. Saudi Arabia and the UAE also denied a Wall Street Journal report that OPEC was considering a supply increase, which had sent prices down more than 5%.
Brent and WTI were both up about 1%.
Confirmed OPEC+ supply restraint supports diesel and energy costs for feed mills and transport, and a possible EU ban on Russian crude adds to supply tightness.
cnbc.comReutersNov 22, 2022After 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.
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.
