Brent Touches A Three-Month High As OPEC+ Decides To Stick With Output Increases For July

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.

• Feb 2, 2022With oil markets tightening, OPEC and its allies agree to a small increase in output.+4.1%
• Dec 1, 2016Oil soars, Brent hits 16-month high after OPEC output deal | Reuters+6.6%
• Nov 4, 2021OPEC+ sticks with 400,000 b/d oil output hike for December, despite US pleas+1.5%
• Nov 4, 2021Opec+ to increase output by 400,000 bpd despite US pressure for more oil supply | The National+1.5%
• Sep 5, 2024OPEC+ agrees to delay October oil output hike for two months | Reuters-4.4%

After 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.

• Feb 2, 2022With oil markets tightening, OPEC and its allies agree to a small increase in output.+1.3%
• Dec 1, 2016Oil soars, Brent hits 16-month high after OPEC output deal | Reuters+0.8%
• Nov 4, 2021OPEC+ sticks with 400,000 b/d oil output hike for December, despite US pleas+0.5%
• Nov 4, 2021Opec+ to increase output by 400,000 bpd despite US pressure for more oil supply | The National+0.5%
• Sep 5, 2024OPEC+ agrees to delay October oil output hike for two months | Reuters-2.7%

After 90 past bullish policy events, ULSD / Diesel moved a median +1.4% over 5 sessions (66% higher; middle half -1.9% to +4.1%), and +0.1% over 20.

• Nov 4, 2021OPEC+ sticks with 400,000 b/d oil output hike for December, despite US pleas+0.9%
• Sep 5, 2024OPEC+ agrees to delay October oil output hike for two months | Reuters-2.7%
• Mar 5, 2021OPEC stuns by opting not to raise output; was diesel a reason? - FreightWaves+3.2%
• Feb 1, 2023Opec+ sticks to oil output policy after brief meeting - The Business Times-8.4%
• Apr 2, 2023Goldman Sachs raises Brent oil price forecasts after OPEC+ output cuts+2.0%