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OPEC and non-member allies agreed to extend oil supply cuts of 1.8 million barrels per day through the end of 2018, nine months beyond the prior March 2018 expiry. Brent traded 1.1% higher at $63.33 and WTI rose 0.8% to $57.87.
Extended supply cuts support crude prices and raise energy costs across feed supply chains. Analysts expect US shale producers to benefit from higher prices, which may limit the rally over time.
cityam.comDec 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.
