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OPEC+ agreed to add 500,000 barrels per day to the market in January and to hold monthly consultations on further adjustments. Brent futures rose about 1% to the highest level since early March.
A smaller-than-expected supply increase tightens the crude balance, supporting energy costs that feed buyers face in fuel, freight and fertilizer. Higher crude also tends to lift biofuel feedstock values, which can support soybean oil and corn.
bloomberg.comAndres Guerra Luz, Alex LongleyDec 2, 2020After 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.
