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Brent rose $2.62 to settle at $69.36 and WTI rose to $66.09 after OPEC+ held output in April and a strong US jobs report was released. Both benchmarks gained over 4% after the OPEC+ extension, with Russia and Kazakhstan granted small exemptions.
Brent posted its fifth straight weekly gain.
Holding supply steady plus a stronger US economy supports demand expectations, pushing crude higher and raising energy input costs.
cnbc.comReutersMar 5, 2021After 438 past bullish policy events, WTI moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 442 past bullish policy events, BRENT moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% 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.
