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OPEC+ agreed to ease oil output cuts from January after nearly a week of difficult talks that exposed a split between Saudi Arabia and the UAE. The group will add 500,000 barrels per day in January and hold monthly consultations on later steps.
Brent rose toward $50 after closing at a nine-month high.
The deal is expected to keep the oil market in deficit through the first quarter, draining inventories and supporting crude prices. Stronger energy prices raise costs for feed producers and can support biofuel-linked vegetable oil demand.
financialpost.comBloomberg NewsDec 3, 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.
