Oil prices spike as OPEC+ nears output cut extension, job market rallies

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.

• Mar 4, 2021Oil prices surge as OPEC and its allies extend production cuts | CNN Business+5.1%
• Sep 22, 2017Oil rises nearly 1 percent as OPEC defers extension of output cuts+2.0%
• Nov 30, 2023Oil prices swing as OPEC+ agrees on additional output cuts-11.0%
• Jun 4, 2023Opec+ to extend cuts in oil output into 2024 as prices flag | Opec | The Guardian-2.2%
• Aug 26, 2022Oil prices rise on signals OPEC might cut output-6.6%

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.

• Mar 4, 2021Oil prices surge as OPEC and its allies extend production cuts | CNN Business+5.2%
• Sep 22, 2017Oil rises nearly 1 percent as OPEC defers extension of output cuts+1.8%
• Nov 30, 2023Oil prices swing as OPEC+ agrees on additional output cuts-10.5%
• Jun 4, 2023Opec+ to extend cuts in oil output into 2024 as prices flag | Opec | The Guardian-1.7%
• Aug 26, 2022Oil prices rise on signals OPEC might cut output-6.8%