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Oil prices rose on Nov 12 after OPEC and allied producers signaled they may trim output next year. Saudi Energy Minister Khalid al-Falih said the kingdom plans to cut exports by 500,000 bpd in December and that collective cuts of up to 1 million bpd may be needed.
Brent traded near $71 and WTI near $60.57.
Signals of coordinated OPEC-plus output cuts provide price support for crude and the energy complex, which can firm biofuel economics and vegetable oil values. The lack of a firm commitment means the rally may be fragile.
axios.comBen GemanNov 12, 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.
