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OPEC and its allies decided to raise September production by a much smaller amount than in previous months. The decision was made as gasoline prices were high and energy supplies were strained by Russia's war in Ukraine.
A small output increase leaves crude supply tight, which keeps energy-linked input costs high for feed producers. The price effect is limited because spare capacity is scarce.
apnews.comCathy BussewitzAug 3, 2022After 175 past neutral policy events, BRENT moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
After 187 past neutral policy events, WTI moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
