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OPEC and its allies agreed at an online meeting to keep their earlier plan to add back 400,000 bpd from October 1. The group is gradually restoring output cut during the pandemic as economies recover.
Gradual supply restoration gives the market steady new barrels, which is bearish for crude. Lower crude prices reduce diesel and fertilizer costs over time.
apnews.comSep 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.
