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OPEC+ kept to its previously agreed plan to boost output by 400,000 barrels per day, even as the group struggles to meet existing targets. Oil prices edged higher after the decision and a drop in U.S. crude stockpiles.
Consumers have called for more crude to cap surging prices.
Steady supply increases that fall short of targets keep crude prices firm, supporting higher energy and freight costs for feed buyers. A large U.S. inventory draw reinforces the tight near-term balance.
reuters.comDavid GaffenFeb 2, 2022After 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.
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.
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.
