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OPEC+ agreed to raise July and August output by 648,000 bpd, a larger-than-expected increase, bringing forward the end of pandemic-era cuts. WTI settled at $116.87 per barrel, up 1.4%, as prices reversed early losses.
The larger hike is offset by market focus on tight supply and EU sanctions on Russian oil, so crude stays firm. Higher energy prices raise costs across feed logistics and fertilizer.
cnbc.comWeizhen Tan, Pippa StevensJun 2, 2022After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% 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.
