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OPEC Plus decided to continue its gradual program of adding oil to the market by raising production by 400,000 barrels a day in January. The group made the same increase it has made in recent months.
The decision was taken at a meeting where the main choice was whether to pause the plan.
A continuation of planned output growth adds crude supply at a time of weak prices, which is bearish for energy. Lower crude tends to weigh on diesel and biofuel costs that influence demand for vegetable oils and feed ingredients.
nytimes.comStanley ReedDec 2, 2021After 215 past bearish policy events, WTI moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
After 210 past bearish policy events, BRENT moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), 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.
