Oil prices: Brent crude, WTI surge after OPEC producers announce production cuts

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.

• Mar 4, 2021Oil prices surge as OPEC and its allies extend production cuts | CNN Business+5.2%
• Oct 5, 2022OPEC announces big cut in oil production despite US pressure | CNN Business+2.1%
• Nov 30, 2023OPEC+ members agree to significant voluntary oil production cuts | CNN Business-10.5%
• Jun 2, 2024OPEC+ to extend deep oil production cuts into 2025 | CNN Business-2.0%
• Apr 3, 2023Oil Prices Jump After Surprise OPEC Production Cut - The New York Times+7.4%

After 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.

• Mar 4, 2021Oil prices surge as OPEC and its allies extend production cuts | CNN Business+5.1%
• Oct 5, 2022OPEC announces big cut in oil production despite US pressure | CNN Business+3.3%
• Nov 30, 2023OPEC+ members agree to significant voluntary oil production cuts | CNN Business-11.0%
• Jun 2, 2024OPEC+ to extend deep oil production cuts into 2025 | CNN Business-1.9%
• Apr 3, 2023Oil Prices Jump After Surprise OPEC Production Cut - The New York Times+5.4%