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OPEC and its allies agreed to extend production cuts for nine months, and Saudi Energy Minister Khalid al-Falih called the extension unequivocal. Brent crude traded at $65.41 with a lukewarm market reaction, as traders weighed weaker demand forecasts.
The extension puts a floor under crude prices if demand weakens, though the muted reaction suggests limited near-term upside. Energy input costs for feed producers stay supported.
thenationalnews.comJennifer GnanaJul 2, 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.
