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OPEC and allied producers led by Russia voted to approve a 400,000 barrels per day increase in production for January. The steady, modest monthly increases frustrated the United States and other consumers as gasoline prices have risen.
The decision came as the omicron variant raised concerns about fuel demand.
The decision keeps the supply increase on schedule despite demand fears, which caps crude prices in the near term. Political pressure from consumers over fuel prices adds uncertainty to the path of supply.
apnews.comEllen Knickmeyer, Cathy BussewitzDec 2, 2021After 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.
After 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.
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.
