Oil jumps 4% to 5-week high lifted by OPEC+ output cut

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.

• Jun 22, 2018Oil jumps as OPEC agrees to modest output hikes - The Globe and Mail+11.9%
• Nov 30, 2016Saudis to cut oil output by 0.5 million bpd in OPEC deal: source+12.5%
• Dec 1, 2017Oil near 2½-year highs after OPEC extends output cuts-1.5%
• Dec 5, 2019OPEC, allies agree to deepen oil output cuts+0.5%
• Nov 21, 2019Oil Prices Surge as OPEC Looks to Cut Output | INN+2.2%

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.

• Jun 22, 2018Oil jumps as OPEC agrees to modest output hikes - The Globe and Mail+5.6%
• Nov 30, 2016Saudis to cut oil output by 0.5 million bpd in OPEC deal: source+16.7%
• Dec 1, 2017Oil near 2½-year highs after OPEC extends output cuts-2.0%
• Dec 5, 2019OPEC, allies agree to deepen oil output cuts+0.7%
• Nov 21, 2019Oil Prices Surge as OPEC Looks to Cut Output | INN+2.3%

After 157 past policy events, ULSD / Diesel moved a median +0.4% over 5 sessions (53% higher; middle half -4.4% to +3.3%), and -0.7% over 20.

• Dec 1, 2017Oil near 2½-year highs after OPEC extends output cuts-0.0%
• Apr 2, 2023Oil leaps 6% as OPEC+ shocks markets by cutting output target+2.0%
• Apr 3, 2023Brent crude jumps $5/bbl after output cuts; stocks rise+2.0%
• May 5, 2022OPEC+ Agrees On Modest Oil Output Hike In June+0.2%
• May 1, 2023OPEC+ announces surprise oil output cuts-2.3%