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An OPEC+ joint technical committee recommended extending the production pact to the end of 2020, with a temporary deeper cut of 600,000 bpd through the second quarter. The committee cited coronavirus disruption to consumption and supply chains.
The full ministerial review was due at the March 5-6 meeting.
A longer pact and deeper cuts would tighten crude supply through 2020, supporting energy costs and biofuel feedstock values that influence soybean oil and corn demand.
thenationalnews.comJennifer GnanaFeb 9, 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.
