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OPEC and allies pledged action to support the oil market, and sources said the planned January output increase could be reversed. OPEC+ is currently cutting 7.7 million bpd and is scheduled to ease by 2 million bpd in January.
A commitment to support prices and possible reversal of the output increase is supportive for crude prices amid weak demand.
forbesmiddleeast.comJamila Gandhi, Yasmine Selim, Kishore Kumar, Layan Abo ShkierOct 19, 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.
