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OPEC+ agreed to gradually curb its output cuts starting in May, adding 350,000 bpd in May, another 350,000 bpd in June, and 450,000 bpd in July. Saudi Arabia will also begin unwinding its additional voluntary cut of 1 million bpd.
The scheduled monthly increases add supply to a market that is still reliant on cuts, which pressures crude prices. Demand concerns from the pandemic remain a counterweight.
cnbc.comSam MeredithApr 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.
