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On Monday, OPEC+ agreed to keep its July pact to add 400,000 bpd each month until at least April 2022. The pact phases out 5.8 million bpd of production cuts.
Oil prices hit multi-year highs after the decision.
A continued gradual supply increase, with oil at multi-year highs, keeps energy costs elevated for feed production and transport. Higher diesel and fertilizer costs can push up feed prices.
reuters.comNia WilliamsNov 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.
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.
