Loading…
OPEC and its allies agreed to keep their existing plan of monthly oil output increases after a video conference lasting less than an hour. Ministers ratified the 400,000 bpd hike scheduled for October.
Confirmed monthly supply increases add barrels to the market, which weighs on crude prices. The quick, unified decision also signals the group will not add extra supply beyond the plan.
bloomberg.comGrant Smith, Salma El Wardany, Dina Khrennikova, Javier BlasSep 1, 2021After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% 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.
