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Oil prices edged higher on Thursday as Saudi Arabia, Russia and other producers debated extending record output cuts. Brent was up 0.4% at $48.46 and WTI up 0.2% at $45.39 ahead of the OPEC+ meeting.
Whether OPEC+ extends cuts or raises output determines the 2021 crude balance. A tighter supply outlook supports energy costs and biofuel feedstock values.
aljazeera.comReutersDec 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.
