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OPEC issued its decision to extend production cuts by nine months to March 2018, following Saudi and Russian signals. Some investors had expected deeper cuts, and analysts differed on whether the extension would tighten inventories enough.
The commitment supports crude prices into 2018, which underpins energy costs and biofuel demand relevant to vegetable oil and feed-ingredient pricing.
offshore-mag.comMay 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.
