Oil up over $2 per barrel as hopes fade for OPEC+ supply boost

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.

• Nov 30, 2016Oil jumps over 10 percent as OPEC finalizes output cut deal | Reuters+12.5%
• Jun 30, 2019Oil prices edge up on hopes of supply cuts extension by OPEC-1.4%
• Sep 19, 2022Oil edges up as supply woes outweigh demand and rate hike worries | Reuters-7.6%
• Feb 2, 2022Oil edges higher after OPEC+ keeps to steady supply bump, U.S. stockpiles draw | Reuters+1.3%
• Sep 9, 2022Oil rises 4% on supply threats, still set for weekly drop | Reuters+2.0%

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.

• Nov 30, 2016Oil jumps over 10 percent as OPEC finalizes output cut deal | Reuters+16.7%
• Jun 30, 2019Oil prices edge up on hopes of supply cuts extension by OPEC-4.2%
• Sep 19, 2022Oil edges up as supply woes outweigh demand and rate hike worries | Reuters-5.7%
• Feb 2, 2022Oil edges higher after OPEC+ keeps to steady supply bump, U.S. stockpiles draw | Reuters+4.1%
• Sep 9, 2022Oil rises 4% on supply threats, still set for weekly drop | Reuters+1.7%