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Brent crude rose more than 7 percent to $49.80 a barrel after leading oil producers gathered to discuss possible action to reduce oversupply. Market participants reacted to comments hinting at a production limit.
Expectations of an OPEC supply cut push crude prices higher, which raises energy and transport costs for feed producers. The price move depends on whether a formal agreement follows.
theguardian.comAngela MonaghanNov 30, 2016After 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.
Describes earlier-session Brent gains on hints of an OPEC deal, showing anticipatory sentiment that fed into the final move.
Brent rose more than 7% on hints of an OPEC production limit, which contributed to the first leg of the rally.
