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OPEC and its allies entered a two-day ministerial meeting still seeking a compromise on whether to delay a scheduled January production increase. Some members worry fragile markets cannot absorb extra barrels after Libya's output surge, while others want to sell more crude.
A delay keeps roughly 2 million bpd of supply off the market, supporting crude prices; a rollover failure would add barrels and pressure oil. Oil moves feed into biofuel economics and feed-ingredient costs.
bloomberg.comSalma El WardanyNov 29, 2020After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% 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.
