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OPEC+ decided on Tuesday to extend its plan to raise output by 400,000 barrels per day through February. The group, which cut about 10 million bpd in April 2020, will next meet on February 2.
Brent passed $80 a barrel by the end of the meeting.
The planned supply increase is bearish for crude over time, but prices rose on the day. Energy cost changes flow through to diesel, freight and biofuel inputs for feed.
aa.com.trSibel MorrowJan 4, 2022After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
