Oil prices edge up on hopes of supply cuts extension by OPEC

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.

• Dec 1, 2017Brent crude and West Texas Intermediate (WTI) oil price: Opec-led supply cut extension boosts oil prices-1.5%
• Mar 4, 2021Oil prices surge as OPEC and its allies extend production cuts | CNN Business+5.1%
• May 25, 2017Supply concerns trigger oil price plunge after OPEC extension | Offshore Magazine-5.4%
• Jul 1, 2020Opec and allies extend oil production cuts to end of July+4.2%
• Oct 10, 2019Oil prices rise as OPEC pledges decision on supply | Financial Post+1.5%

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.

• Dec 1, 2017Brent crude and West Texas Intermediate (WTI) oil price: Opec-led supply cut extension boosts oil prices-2.0%
• Mar 4, 2021Oil prices surge as OPEC and its allies extend production cuts | CNN Business+5.2%
• May 25, 2017Supply concerns trigger oil price plunge after OPEC extension | Offshore Magazine-7.0%
• Jul 1, 2020Opec and allies extend oil production cuts to end of July+4.3%
• Oct 10, 2019Oil prices rise as OPEC pledges decision on supply | Financial Post+0.6%