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The head of the Organization of Arab Petroleum Exporting Countries said the OPEC+ decision to cut its output target by 2 million bpd was correct and well timed. He cited uncertainty over the global economy and noted that fuel inventories in major economies are low.
Public support from OPEC members signals that the group is likely to hold to its cut, which supports crude prices. Low inventories add to the case for firmer fuel prices.
reuters.comOct 15, 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.
