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OPEC and its non-OPEC allies, known as OPEC+, decided to raise output by 400,000 barrels per day from February. The move had been broadly expected given U.S. pressure to boost supply and no major new Covid restrictions.
The expected supply increase is bearish for crude, though demand concerns from Omicron were cited. Crude costs feed into diesel, freight and biofuel feedstock prices for feed buyers.
cnbc.comSam MeredithJan 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.
