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The United States said it would release millions of barrels of oil from its strategic reserves. Brent rose $2.61, or 3.3%, to settle at $82.31, while WTI rose $1.75, or 2.3%, to settle at $78.50.
A government reserve release adds supply to the market, but the price reaction here was upward, showing the release did not outweigh other demand and supply concerns. Higher crude lifts diesel and fertilizer input costs for feed producers and supports vegetable oil prices.
reuters.comScott DisavinoDec 1, 2021After 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.
After 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 90 past bullish policy events, ULSD / Diesel moved a median +1.4% over 5 sessions (66% higher; middle half -1.9% to +4.1%), 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.
