Loading…
OPEC and non-OPEC producers agreed on 25 May 2017 to extend their production cuts by nine months, to March 2018. The AP reported that the decision was expected to lift prices only modestly and temporarily.
Supply restraint supports crude prices, but rising US shale output could offset the cuts if prices rise further. This limits the upside for oil-linked costs and related feed inputs.
boereport.comThe Associated PressMay 25, 2017After 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.
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.
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.
