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Oil prices fell to near $70 a barrel on December 1, 2021, down from three-year highs above $86 in October. November posted the largest monthly decline since the pandemic began.
OPEC+ was weighing its output policy as the new variant raised glut fears.
OPEC+ decisions on output directly determine whether the market tightens or glut fears deepen. A supply increase would keep crude pressured and lower energy costs for feed buyers.
reuters.comAhmad GhaddarDec 1, 2021After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% 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.
