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OPEC+ agreed to deepen production cuts by a further 500,000 barrels per day through March 2020, bringing total reductions to 1.7 million bpd. Saudi Arabia also extended a voluntary cut of 400,000 bpd, for combined cuts of 2.1 million bpd.
Brent and WTI rallied about 2% after the announcement.
Larger voluntary and agreed cuts remove barrels from the market, supporting crude and energy-linked costs that feed into fuel, transport and fertilizer prices.
cnbc.comSam MeredithDec 6, 2019After 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.
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.
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.
