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WTI and Brent settled lower on December 3, 2021, with both benchmarks posting steep weekly losses of about 5%. OPEC+ and Russia-led partners agreed to raise quotas by 400,000 barrels per day in January, despite forecasts of growing oversupply in 2022.
OPEC+ projections of a supply surplus of up to 3.8 million barrels per day point to lower crude prices ahead. Cheaper energy supports lower production costs for feed manufacturers.
dtnpf.comLiubov GeorgesDec 3, 2021After 215 past bearish policy events, 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, 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.
