Crude oil futures tick higher as Saudi Arabia's voluntary production cuts begin

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.

• May 5, 2020Oil prices rally as production cuts mount | S&P Global+16.8%
• Aug 4, 2023OPEC+ Sticks To Oil Output Policy As Saudi Extends Voluntary Production Cut+1.5%
• Jun 5, 2023Saudi Arabia Cuts Oil Production to Boost Prices - The New York Times-1.7%
• Mar 3, 2024Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June-1.2%
• Sep 5, 2023Saudi Arabia, Russia extend oil production cuts to end of year+2.0%

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.

• May 5, 2020Oil prices rally as production cuts mount | S&P Global+17.7%
• Aug 4, 2023OPEC+ Sticks To Oil Output Policy As Saudi Extends Voluntary Production Cut+1.5%
• Jun 5, 2023Saudi Arabia Cuts Oil Production to Boost Prices - The New York Times-2.2%
• Mar 3, 2024Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June-2.4%
• Sep 5, 2023Saudi Arabia, Russia extend oil production cuts to end of year+2.1%