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Crude oil rose on market speculation that OPEC+ would keep its current output policy unchanged. The policy, announced in October, cut the group's production target by 2 million barrels per day starting in November.
Brent was up about 1% near $84 and WTI was up about 1% near $79.
Expectations of continued OPEC+ output cuts support crude and diesel prices, which feed the cost of freight and processing.
forbesmiddleeast.comJoyce Abaño, Muhammad Addam, Mohamed Rashed AlkhalifaNov 30, 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.
