Oil prices surge as OPEC and its allies extend production cuts

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.

• Jun 2, 2024OPEC+ to extend deep oil production cuts into 2025 | CNN Business-1.9%
• Jul 1, 2020Opec and allies extend oil production cuts to end of July+4.2%
• Jun 6, 2020OPEC and its allies reach deal to cut oil production through July | CNN Business-8.3%
• Apr 2, 2023Oil prices: Brent crude, WTI surge after OPEC producers announce production cuts | CNN Business+5.4%
• Dec 7, 2018OPEC and allies agree to cut oil production+2.2%

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.

• Jun 2, 2024OPEC+ to extend deep oil production cuts into 2025 | CNN Business-2.0%
• Jul 1, 2020Opec and allies extend oil production cuts to end of July+4.3%
• Jun 6, 2020OPEC and its allies reach deal to cut oil production through July | CNN Business-7.2%
• Apr 2, 2023Oil prices: Brent crude, WTI surge after OPEC producers announce production cuts | CNN Business+7.4%
• Dec 7, 2018OPEC and allies agree to cut oil production+2.2%