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OPEC agreed its first oil output cut since 2008 at its Vienna meeting, with Saudi Arabia reportedly ready to accept a big hit to its own output. Indonesia was suspended from the group, and its output share is to be redistributed among other members.
WTI and Brent rose about 7 to 8 percent as details of the cut were still being negotiated.
A coordinated OPEC supply cut tightens crude markets and lifts energy costs, which supports biofuel and ethanol economics and the value of corn, soybean oil and other energy-linked feed inputs. Higher crude also raises freight and fertiliser costs for feed buyers.
nbcnews.comReutersNov 30, 2016After 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.
