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OPEC and its partners led by Russia agreed by video conference to keep cutting about 9.7 million barrels a day, roughly 10 percent of global output in normal times, through July. The decision was announced in an OPEC news release.
Extending the cut keeps global crude supply constrained while demand recovers, which supports prices. Firmer crude prices raise costs across the feed and fuel chain.
nytimes.comStanley ReedJun 6, 2020After 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.
After 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.
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.
