Oil prices jump as Opec+ agrees to continue output increase in February

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.

• Nov 30, 2023Oil prices swing as OPEC+ agrees on additional output cuts-10.5%
• Apr 3, 2023Opec+ agrees to stick to oil output targets as members pledge voluntary cuts | The National+7.4%
• Mar 29, 2018Oil prices gain on expectation of continued Opec supply curbs in 2018 | The National-2.0%
• Jun 4, 2023Opec+ to extend cuts in oil output into 2024 as prices flag | Opec | The Guardian-1.7%
• Nov 4, 2021Opec+ to increase output by 400,000 bpd despite US pressure for more oil supply | The National+1.5%

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.

• Nov 30, 2023Oil prices swing as OPEC+ agrees on additional output cuts-11.0%
• Apr 3, 2023Opec+ agrees to stick to oil output targets as members pledge voluntary cuts | The National+5.4%
• Mar 29, 2018Oil prices gain on expectation of continued Opec supply curbs in 2018 | The National-1.2%
• Jun 4, 2023Opec+ to extend cuts in oil output into 2024 as prices flag | Opec | The Guardian-2.2%
• Nov 4, 2021Opec+ to increase output by 400,000 bpd despite US pressure for more oil supply | The National+0.5%