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Saudi Arabia agreed to cut its oil output to 10.06 million barrels per day under a new OPEC production-limiting deal, down from 10.54 million bpd in October, an OPEC source told Reuters. The source also said OPEC agreed at its Vienna ministerial meeting to suspend Indonesia from the group and to set Iran's production at 3.797 million bpd.
A coordinated OPEC cut removes supply from a market that has been oversupplied for two years, which supports crude prices. Higher crude lifts energy-linked costs and vegetable oil and biofuel economics, which indirectly affects feed ingredient prices.
reuters.comNov 30, 2016After 438 past bullish policy events, 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, 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.
