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Reuters sources said OPEC+ may ease its oil output cuts after April, with the market possibly absorbing a 500,000 barrel per day increase depending on demand and Saudi Arabia's voluntary cuts. WTI slipped back below $60 after the report.
Expectations of returning OPEC+ supply cap crude gains, which limits the rise in energy costs for feed producers. The prospect of looser supply makes the current rally less durable.
octaafrica.netFeb 16, 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.
