◂ Event Timeline

Oct 11, 2019POLICYGlobal

Oil markets: OPEC, US-China trade in focus

Brent and WTI edged higher in early trading after OPEC's secretary-general said deeper supply cuts were an option. A December OPEC+ meeting will decide, and OPEC cut its 2019 demand growth forecast.

WHY IT MATTERS

Possible deeper OPEC cuts support crude prices, which affect diesel and freight costs for feed buyers.

AFFECTSCrude Oil (WTI)▲Crude Oil (Brent)▲

SOURCE
cnbc.comReutersOct 11, 2019

Price reaction & history

Crude Oil (WTI)▲bullishSO FAR1d +2.2%5d +0.6%20d +6.4%

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.

Jan 8, 2019Oil Bounces Back to Bull Market Fueled by OPEC Cuts, Trade Talks - Bloomberg+4.2%
Jan 9, 2019Oil prices surge on Saudi output cuts, US-China trade talks+4.5%
Dec 1, 2023Oil Futures Lower as Market Ponders OPEC Cuts-8.8%
Nov 1, 2020Oil Spikes After OPEC Claims ''The Worst Is Over For The Oil Market''+3.7%
Dec 1, 2016OPEC deal expected to tighten oil market in 2017: Kemp+0.8%

Crude Oil (Brent)▲bullishSO FAR1d +2.5%5d +0.9%20d +5.7%

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.

Jan 8, 2019Oil Bounces Back to Bull Market Fueled by OPEC Cuts, Trade Talks - Bloomberg+2.9%
Jan 9, 2019Oil prices surge on Saudi output cuts, US-China trade talks+3.2%
Dec 1, 2023Oil Futures Lower as Market Ponders OPEC Cuts-9.9%
Nov 1, 2020Oil Spikes After OPEC Claims ''The Worst Is Over For The Oil Market''+5.1%
Dec 1, 2016OPEC deal expected to tighten oil market in 2017: Kemp+6.6%

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.

Crude Oil (WTI) WTI · GP ▸

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Crude Oil (Brent) BRENT · GP ▸

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