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OPEC+, led by Saudi Arabia and Russia, announced a production cut after its first in-person meeting since March 2020. The reduction equals about 2% of global oil demand and was made despite US objections.
A cut of about 2% of global demand is large enough to move crude prices and energy-linked input costs. Buyers should expect firmer energy prices in the near term.
cnn.comHanna ZiadyOct 5, 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.
