Oil rises to 3-week highs as OPEC+ agrees to deep cuts, U.S. stockpiles fall

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.

• Feb 2, 2022Oil edges higher after OPEC+ keeps to steady supply bump, U.S. stockpiles draw | Reuters+1.3%
• Oct 4, 2022OPEC+ agrees deep oil production cuts, Biden calls it shortsighted | Reuters+9.0%
• Oct 1, 2022Oil up nearly 3% as OPEC+ agrees to small oil output cut+16.5%
• Dec 5, 2019OPEC, allies agree to deepen oil output cuts+0.5%
• Dec 1, 2021Oil rises 3% to one-week high after U.S. taps emergency reserves+8.8%

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.

• Feb 2, 2022Oil edges higher after OPEC+ keeps to steady supply bump, U.S. stockpiles draw | Reuters+4.1%
• Oct 4, 2022OPEC+ agrees deep oil production cuts, Biden calls it shortsighted | Reuters+7.7%
• Oct 1, 2022Oil up nearly 3% as OPEC+ agrees to small oil output cut+11.3%
• Dec 5, 2019OPEC, allies agree to deepen oil output cuts+0.7%
• Dec 1, 2021Oil rises 3% to one-week high after U.S. taps emergency reserves+6.8%

After 90 past bullish policy events, ULSD / Diesel moved a median +1.4% over 5 sessions (66% higher; middle half -1.9% to +4.1%), and +0.1% over 20.

• Dec 1, 2021Oil rises 3% to one-week high after U.S. taps emergency reserves+8.0%
• Sep 5, 2024OPEC+ agrees to delay October oil output hike for two months | Reuters-2.7%
• Oct 22, 2019OPEC, allies to consider deeper oil cuts at December meeting - Reuters — Octa+0.6%
• Dec 1, 2017Oil near 2½-year highs after OPEC extends output cuts-0.0%
• Dec 1, 2023Oil Futures Lower as Market Ponders OPEC Cuts-10.0%