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OPEC+ kept its oil output policy unchanged at a monitoring committee meeting as Brent hit $58.51 a barrel, its highest since late February 2020. The group described 2021 as a potential year of recovery, and Saudi Arabia's voluntary cut of 1 million barrels per day continued for February and March.
Holding supply steady while inventories draw down supports crude prices. The price rally reflects the effect of the deep production cuts on the market balance.
cnbc.comReutersFeb 3, 2021After 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.
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.
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.
