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OPEC and non-member allies including Russia and Oman may extend their 1.8 million barrels per day output cap beyond 2018, possibly as a collective production ceiling. Oil prices had risen from about $45 a barrel in June 2017 to over $70 that month.
A possible extension of the cuts into 2019 would keep global crude supply constrained, supporting oil prices and energy costs for feed producers.
businessday.ngElijah BelloJan 21, 2018After 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.
After 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.
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.
