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An OPEC+ panel recommended keeping its schedule of gradual monthly output increases. WTI crude rose to its highest level since 2014 after the recommendation.
A steady, gradual supply increase leaves the oil market tight, supporting crude prices. Higher oil prices raise input and transport costs across the feed chain.
bloomberg.comJavier Blas, Dina Khrennikova, Salma El Wardany, Grant SmithOct 4, 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.
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.
