Oil rises as Opec sticks to output pledges, rising US production cap gains

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.

• Aug 4, 2023OPEC+ Sticks To Oil Output Policy As Saudi Extends Voluntary Production Cut+1.5%
• Nov 30, 2023OPEC+ agrees to oil production cut | Oil & Gas Journal-11.0%
• Mar 1, 2017Oil prices rise as OPEC production cut trims supply | Globalnews.ca-2.2%
• Sep 17, 2020Oil reverses losses to gain 2% as OPEC urges compliance with production cuts-0.6%
• Feb 12, 2019OPEC Chief Urges Producers to Meet Pledges to Cut Oil Output - Bloomberg+6.0%

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.

• Aug 4, 2023OPEC+ Sticks To Oil Output Policy As Saudi Extends Voluntary Production Cut+1.5%
• Nov 30, 2023OPEC+ agrees to oil production cut | Oil & Gas Journal-10.5%
• Mar 1, 2017Oil prices rise as OPEC production cut trims supply | Globalnews.ca+1.5%
• Sep 17, 2020Oil reverses losses to gain 2% as OPEC urges compliance with production cuts-0.7%
• Feb 12, 2019OPEC Chief Urges Producers to Meet Pledges to Cut Oil Output - Bloomberg+8.0%