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An AP explainer describes how the OPEC+ decision to cut 2 million barrels per day will affect gasoline prices and inflation. It notes that part of the cut exists only on paper, so actual reductions are closer to 1.2 million bpd.
Because the effective cut is about 1.2 million bpd, the price support is smaller than the headline suggests. Still, tighter crude supply can keep fuel and energy costs elevated.
apnews.comDavid MchughOct 7, 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.
