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OPEC and allied producers including Russia agreed to raise output by 500,000 barrels per day from January and to meet monthly to decide further levels. The decision followed days of disagreement over whether to add supply at all, with the UAE pushing for compensatory cuts.
Output is rising only gradually, so the market stays balanced while the pandemic weighs on demand. Price effects are likely limited, but monthly decisions could move crude in either direction.
seattletimes.comDAVID McHUGHDec 3, 2020After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
