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Oil prices ended higher on Friday after Saudi Arabia signaled that OPEC could cut output to offset possible returning Iranian barrels. Brent settled at $100.99 and WTI at $93.06, and the UAE said it aligned with Saudi thinking.
Commerzbank noted Saudi Arabia appeared unwilling to tolerate prices below $90.
Signals of OPEC+ supply management support crude prices, which raises fuel, freight and biofuel input costs for feed producers. Expectations of a price floor could encourage speculative buying.
cnbc.comReutersAug 26, 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.
