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OPEC+ said it would hike production by 400,000 barrels per day in January and that the meeting remains in session, allowing immediate adjustments if market conditions shift. The meeting was held amid fears that the omicron variant could dent demand.
Brent rose 1.16% to settle at $69.67 a barrel after the announcement.
The explicit option to adjust output at short notice signals that supply could be cut if demand weakens further, which limits downside for crude. Crude price direction feeds into energy-linked feed input costs.
cnbc.comSam MeredithDec 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.
