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The Canadian dollar held above 76 US cents as Brent crude rose above $57 a barrel, a first since July 2015. The rally followed an OPEC and non-OPEC agreement to cut output, with 11 non-OPEC producers agreeing to cut 558,000 barrels a day.
The Saudi oil minister also hinted at further cuts.
Expected supply cuts from OPEC and non-OPEC producers tighten crude markets, supporting vegetable oil and biofuel input costs, though the rally proved short-lived.
cbc.caCBC NewsDec 12, 2016After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.
Not enough comparable past events yet for a historical read.
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.
