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OPEC+'s Joint Technical Committee recommended a 600,000 bpd production cut starting in April and running through June. Russia's energy minister Novak signaled reluctance to go deeper, and the recommendation still requires approval by OPEC ministers.
U.S. futures ended higher while global benchmarks fell.
The recommended cut supports crude prices, but Russian resistance and demand worries from coronavirus leave the outcome uncertain. Crude direction feeds into biofuel and energy costs for feed and oilseed markets.
marketwatch.comMyra P. Saefong, Mark DeCambreFeb 6, 2020After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 60 past neutral geopolitics events, Crude Oil (WTI) moved a median -0.9% over 5 sessions (43% higher; middle half -4.7% to +2.3%), and -1.9% 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.
