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OPEC+ decided to add 400,000 barrels per day in November, in line with its schedule of monthly increases. Oil prices rose to a seven-year high on the decision.
The group's cautious approach reflects the pandemic-era cuts it is still restoring.
The modest, scheduled increase leaves a tight oil market, which supports crude prices. Higher energy prices raise costs for feed manufacturing and transport.
kioncentralcoast.comAssociated PressOct 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.
