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OPEC+ agreed to a token supply cut of 100,000 barrels per day for October, returning output to August levels. The group said it would be willing to call another ministerial meeting at any time.
Brent crude rose about 3.6% to near $96 a barrel after the announcement.
The cut, though small in volume, signals a willingness to defend prices amid tightening markets from EU sanctions on Russian crude, supporting higher crude and energy costs.
worldoil.comSalma El Wardany, Grant Smith, Ben BartensteinSep 5, 2022After 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.
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.
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.
