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OPEC+ members agreed unanimously to extend their oil output cut deal by nine months, to March 2020, at a Vienna meeting. The article is dated February 2019 but describes a July 2019 meeting, so the date in the record is inconsistent with the text.
A longer extension of supply cuts keeps crude tight for longer, supporting energy and biofuel-linked input costs for feed buyers.
meed.comColin ForemanFeb 7, 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.
