Loading…
OPEC is trying to resolve a dispute between Saudi Arabia and the UAE over quota enforcement after formal talks broke down on November 30. A meeting with Russia and other partners was pushed back two days, and delegates are holding informal talks behind the scenes.
Failure to agree a deal to extend production cuts could lead to an oil glut in 2021, which would pressure crude prices and weaken biofuel-linked demand for vegetable oils. A successful compromise would support prices.
spglobal.comHerman WangDec 1, 2020After 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.
