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Bloomberg reports OPEC+ may consider a preemptive supply cut at its December meeting in Vienna, as calls grow from Morgan Stanley to Commerzbank to deepen curbs. The alliance has already reduced output this year to offset a glut from weak demand and surging U.S. shale supply.
A deeper OPEC+ cut would tighten crude supply and support oil prices, which feed into diesel and energy costs for feed producers and into biofuel-linked vegetable oil demand.
bloomberg.comGrant SmithOct 17, 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.
