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OPEC and 10 non-OPEC producers led by Russia agreed to raise output by nearly 650,000 barrels a day in July and August. The Guardian reports the increase is nearly two-thirds more than previously planned.
The larger-than-planned hike modestly eases crude tightness, though the effect on physical supply is limited. Energy input costs for feed producers remain high.
theguardian.comKalyeena MakortoffJun 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.
