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OPEC and allied producers agreed on Wednesday to add a modest amount of oil to an increasingly tight market. The decision may add uncertainty to energy markets.
The planned increase is small relative to demand recovery after the pandemic.
A tight oil market with only small planned supply additions supports higher crude prices, which raise costs for diesel, fertilizer and natural gas used across the feed supply chain.
nytimes.comFeb 2, 2022After 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.
After 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.
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.
