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Russia agreed with Saudi Arabia to extend the OPEC+ oil output deal by six to nine months, according to Vladimir Putin. The 1.2 million bpd curb was expected to be rolled over in its current form, with the final decision set for the July 1-2 meetings in Vienna.
An extended production cut removes supply from the market and supports crude prices. Higher energy costs raise the price of diesel, fertilizer and freight that feed producers pay.
web.archive.orgKatya GolubkovaJun 29, 2019After 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.
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.
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.
