Loading…
OPEC+ agreed to continue its policy from July of phasing out record output cuts by adding 400,000 bpd a month. Oil prices steadied after the decision.
The planned monthly increases keep supply growing, which is a bearish factor for crude. Crude prices feed into diesel and freight costs that affect feed ingredient economics.
reuters.comStephanie KellySep 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.
