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The 23-member OPEC+ alliance, led by Saudi Arabia and Russia, said it would add 400,000 barrels per day in February. The increase continues a road map to gradually restore output cut during the pandemic.
Adding barrels to the market under this road map is a bearish factor for crude. Lower crude costs reduce pressure on diesel, freight and biofuel-linked feed ingredients.
apnews.comDavid MchughJan 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.
