Loading…
Oil prices rose more than 8 percent after OPEC finalized a cut to 32.5 million bpd, its first since 2008. Russia agreed to cut 300,000 bpd, and January WTI futures rose $3.93 to $49.16, the largest one-day gain since February.
The output cut sharply lifts crude prices, which raises energy and freight costs for feed supply chains. Analysts expected the increase to be measured rather than a sustained surge.
business-standard.comBusiness StandardNov 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.
Oil up over 8% after OPEC finalized the cut, with Russia's 300k bpd contribution reinforcing the supply reduction.
Oil rose more than 8% after OPEC finalized the cut and Russia pledged 300k bpd, the largest one-day gain since February.
