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Oil prices rose during the week as reports suggested OPEC and Russia may extend output cuts into mid-2020. WTI climbed from $57.05 to $58.48 between November 18 and 21.
The CN Rail strike began in the same week and disrupted rail crude shipments in Canada.
Expected extension of OPEC supply cuts tightens crude balances and supports prices. Rail disruption in Canada can also trap crude and widen regional price spreads.
investingnews.comSasha DhesiNov 21, 2019After 438 past bullish policy events, 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, 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.
