Oil prices steady above $60 a barrel as cuts extension looks likely

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.

• Oct 28, 2017Oil surges through $60 a barrel level | The National+2.4%
• Jun 30, 2019Oil prices edge up on hopes of supply cuts extension by OPEC-4.2%
• Oct 1, 2023Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December-9.8%
• Oct 4, 2023Opec+ sticks to current output policy after oil price rally | The National-3.8%
• Mar 29, 2018Oil prices gain on expectation of continued Opec supply curbs in 2018 | The National-2.0%

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.

• Oct 28, 2017Oil surges through $60 a barrel level | The National+3.2%
• Jun 30, 2019Oil prices edge up on hopes of supply cuts extension by OPEC-1.4%
• Oct 1, 2023Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December-8.8%
• Oct 4, 2023Opec+ sticks to current output policy after oil price rally | The National-3.7%
• Mar 29, 2018Oil prices gain on expectation of continued Opec supply curbs in 2018 | The National-1.2%