Loading…
OPEC and non-OPEC producers including Russia agreed to cut oil output by 1.2 million barrels per day starting in January for six months, according to OPEC's president, Suhail Mohamed al-Mazrouei, at the close of a two-day meeting in Vienna. He called the reduction a major step.
A coordinated 1.2 million bpd supply cut tightens crude markets, supporting higher energy prices. Crude costs feed into biofuel economics and diesel and fertilizer costs for feed producers.
apnews.comDec 7, 2018After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% 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.
