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OPEC+ snubbed President Biden's request to pump more oil, sticking to its plan to add 400,000 bpd. The US, Japan and India had asked for more output to meet demand as COVID restrictions eased.
Refusing extra supply keeps Brent above $80, which raises energy and inflation pressure on importers and supports the cost of crude-linked inputs.
aljazeera.comRadmilla SuleymanovaNov 4, 2021After 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.
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.
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.
