US crude rises 0.5% to settle at $54.15 a barrel on expected output cut extension

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.

• Sep 22, 2017Oil rises nearly 1 percent as OPEC defers extension of output cuts+2.0%
• Oct 18, 2017OPEC reportedly favors 9-month extension to output cut deal+1.0%
• Nov 30, 2016US crude settles up 9.3 percent after OPEC finalizes output cut deal+12.5%
• Nov 30, 2023Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy-11.0%
• Apr 3, 2023Brent crude jumps $5/bbl after output cuts; stocks rise+5.4%

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.

• Sep 22, 2017Oil rises nearly 1 percent as OPEC defers extension of output cuts+1.8%
• Oct 18, 2017OPEC reportedly favors 9-month extension to output cut deal+0.6%
• Nov 30, 2016US crude settles up 9.3 percent after OPEC finalizes output cut deal+16.7%
• Nov 30, 2023Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy-10.5%
• Apr 3, 2023Brent crude jumps $5/bbl after output cuts; stocks rise+7.4%

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.

• Apr 3, 2023Brent crude jumps $5/bbl after output cuts; stocks rise+2.0%
• Jun 6, 2020OPEC, allied nations extend nearly 10M barrel cut by a month | AP News-2.0%
• Sep 5, 2023Saudi Arabia to extend voluntary cut of 1 million barrels per day until the end of the year+8.6%
• Oct 1, 2023Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December-12.7%
• Apr 2, 2023Oil prices surge after surprise move to cut output+2.0%