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Russia's energy minister Alexander Novak was set to return to Vienna for talks on OPEC's proposed deep production cuts. Russia had not endorsed any further curbs, and OPEC officials said negotiations would be difficult.
The outcome of these talks will determine whether crude supply tightens or expands, which drives energy prices. Uncertainty ahead of the meeting leaves the direction of crude prices unclear.
tribune.newspackstaging.comreutersMar 6, 2020After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
The OPEC output-cut deal fell apart as Russia resisted, sending oil into a tailspin on March 6.
The OPEC cut deal fell apart as Russia resisted, sending oil into a tailspin in the days leading up to the March 9 crash.
It covers the collapse of the OPEC cut deal as Russia resisted, which sent prices into a tailspin and set up the price war.
