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WTI futures shed nearly all their gains to settle under $115 after rising almost $5 earlier in the session. The move followed reports that exempting Russia from OPEC+ output targets could pave the way for other producers to add supply.
Possible OPEC+ supply additions cap energy prices, which eases input costs for feed production and transport.
bloomberg.comJulia FanzeresMay 30, 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.
