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OPEC and non-OPEC partners led by Russia agreed to extend oil output cuts of 1.2 million barrels per day into 2020. Russian Energy Minister Alexander Novak said the group would monitor the market monthly and could raise output later if a deficit emerged.
Extended cuts tighten crude supply and support oil prices, which feed into diesel and freight costs. The option to increase output later limits how far prices can rise.
rferl.orgRFE/RLJul 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.
