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OPEC+ agreed to raise production by 648,000 barrels per day in July and August, including Russia. The increase is intended to offer modest relief as energy prices soar across the global economy.
A larger-than-planned supply increase eases crude tightness somewhat, which can lower diesel and energy input costs for feed buyers. The effect on prices is modest given limited spare capacity.
apnews.comAssociated PressJun 2, 2022After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% 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.
