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OPEC and allied producers led by Russia began implementing production curbs in January to rebalance an oversupplied market. Brent crude was up about 18 percent so far in 2019 and traded at $63.24 a barrel on Feb 12, up 1.5 percent on the day.
The International Energy Agency also commented on the market that day.
Coordinated output cuts tighten global crude supply and lift energy costs. Higher oil prices raise diesel, fertilizer and transport costs for feed production and can support biofuel-linked oilseed demand.
wsj.comGeorgi KantchevFeb 13, 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.
