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OPEC and all but one allied country agreed to extend record oil production cuts through July. The group had already pledged 9.7 million barrels a day of cuts in May and June, which helped prop up prices as crude demand began to recover.
The extended cut keeps crude supply tight during the demand recovery, supporting prices. Higher energy prices feed through to transport and processing costs in the feed supply chain.
cnn.comShannon LiaoJun 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.
