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US crude settled up 29 cents at $49.58 after OPEC Secretary-General Mohammad Barkindo said consultations were underway to extend output cuts beyond March 2018 and more producers may join. He also said the market was rebalancing and that extraordinary measures might be needed for long-term balance.
The OPEC meeting is set for November 30 in Vienna.
A likely extension of OPEC output quotas tightens crude supply and supports higher energy prices, which raises fuel and transport costs for feed producers.
cnbc.comReutersOct 9, 2017After 438 past bullish policy events, 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, 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.
