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Oil prices spiked toward 2½-year highs on Friday after two dozen producers agreed to limit output through the end of 2018. WTI rose 1.7% to $58.38 and Brent gained 1.8% to $63.74 by late morning.
A firm OPEC-led supply cut supports crude prices, which raises costs for energy, transport and fertilizer inputs used in feed production. Higher oil also tends to lift biofuel economics, which can support vegetable oil demand.
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.
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.
After 90 past bullish policy events, ULSD / Diesel moved a median +1.4% over 5 sessions (66% higher; middle half -1.9% to +4.1%), and +0.1% 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.
