Oil price today: Brent rebounds to $93 despite a massive OPEC+ output surge

After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.

• Feb 2, 2022OPEC+ sticks to planned output hikes despite surging oil prices | OPEC News | Al Jazeera+4.1%
• Mar 31, 2022Arab News | OPEC+ sticks to current oil output plan despite consumers’ pressures-11.9%
• Apr 12, 2020Record deal to cut oil output ends price war - BBC News-6.7%
• Feb 10, 2023OPEC+ Won’t Increase Oil Production Despite Russia Output Cut, Delegates Say - Bloomberg+0.6%
• Mar 2, 2022Oil jumps to highest since 2011 as OPEC holds output steady despite Russia's war on Ukraine+21.0%

After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.

• Feb 2, 2022OPEC+ sticks to planned output hikes despite surging oil prices | OPEC News | Al Jazeera+1.3%
• Mar 31, 2022Arab News | OPEC+ sticks to current oil output plan despite consumers’ pressures-10.6%
• Apr 12, 2020Record deal to cut oil output ends price war - BBC News-19.9%
• Feb 10, 2023OPEC+ Won’t Increase Oil Production Despite Russia Output Cut, Delegates Say - Bloomberg+0.5%
• Mar 2, 2022Oil jumps to highest since 2011 as OPEC holds output steady despite Russia's war on Ukraine+19.4%