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OPEC+ agreed to increase oil production by 500,000 barrels per day from January 2021, lower than many expected. Brent and WTI traded near $45 as the group set its monthly review process.
A smaller supply increase than expected keeps crude tight, which supports energy costs across feed production and transport. Prices were steady at the time, so the immediate market impact is limited.
forbesmiddleeast.comCherry Aisne Trinidad, Sumantra Das, Samar Khouri, Smitha R, Sumit KhannaDec 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.
