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OPEC and its allies agreed to keep their monthly oil output increases after a brief online meeting, ratifying the 400,000 bpd October hike. The group moved faster than in July, when talks were drawn out.
The confirmed supply additions and a relatively tight outlook for the rest of the year leave crude prices with limited support from the group. Energy costs for feed producers are less likely to spike in the near term.
economictimes.indiatimes.comSep 1, 2021
energyconnects.comBloombergSep 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.
