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OPEC reached a deal in Vienna to cut output by about 1.2 million barrels per day, lowering total production from 33.7 to 32.5 million barrels daily. Brent rose from about $46 to $53.77 per barrel by Thursday, though the deal depends on non-OPEC producers such as Russia cutting too.
The cut removes a large share of supply from a market that has been oversupplied, supporting crude prices and energy-linked input costs for feed producers. Compliance by non-OPEC members remains the main risk to the price rise.
vox.comBrad PlumerNov 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.
