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OPEC and allied non-OPEC producers agreed at their Thursday meeting to extend existing output cuts through the end of 2018. Bloomberg describes the outcome as a no-drama success aimed at boosting prices.
Extending roughly 1.8 million b/d of restraint through 2018 tightens the expected supply balance and supports crude prices, which feeds into energy costs for feed production and transport.
bloomberg.comJavier Blas, Jack FarchyDec 1, 2017After 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.
After 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.
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.
