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OPEC agreed to extend its oil production cuts into 2020 at a meeting in Vienna. The move is meant to support prices as exporters worry about weaker demand growth and rising US shale output.
Keeping roughly 1.2 million barrels per day off the market tightens crude supply, which supports oil prices. Higher crude costs feed through to diesel, freight and fertilizer costs for feed producers.
bloomberg.comNayla Razzouk, Dina Khrennikova, Javier BlasJul 1, 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.
