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Saudi Crown Prince Mohammed bin Salman backed extending OPEC production cuts beyond March 2018. The statement makes a roll-over at the next OPEC meeting in November highly likely.
Extended cuts keep roughly 1.8 million bpd off the market through 2018, which supports crude prices and raises input costs for feed production and transport.
bloomberg.comVivian NereimNov 1, 2017After 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.
