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Reuters reported that OPEC members are forming a consensus to extend their production cut deal with other exporters, including Russia, by nine months. The deal would keep 1.8 million bpd off the market through the end of 2018, though a final decision may wait until early next year.
A nine-month extension would keep crude supply tight into 2018, supporting oil prices and the diesel and freight costs that feed buyers face.
cnbc.comTom DiChristopherOct 18, 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.
