Loading…
Oil prices rose more than 3% on Monday after OPEC and non-OPEC members agreed in Vienna to cut output, with the deal involving 24 producers and cutting up to 1.8 million barrels per day. WTI reached about $53, its highest in roughly 18 months, while non-OPEC members including Russia, Mexico, Oman and Kazakhstan agreed to roughly 558,000 bpd of cuts.
The broader participation in the cut reduces global supply and supports crude prices, which lift energy and biofuel-linked vegetable oil costs. Analysts question how durable the rally will be given shale output and compliance risks.
financialpost.comJesse SnyderDec 12, 2016After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% 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.
