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OPEC+ agreed on January 4, 2022 to keep its planned oil output increase of 400,000 barrels per day for February. The group said the Omicron variant would likely have only a short-lived effect on energy demand.
A planned supply increase adds crude to the market, which tends to weigh on crude prices. Crude moves feed through to diesel, freight, fertilizer and biofuel feedstock costs that affect feed prices.
reuters.comAhmad Ghaddar, Alex Lawler, Vladimir SoldatkinJan 4, 2022After 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.
After 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.
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.
