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Oil prices rose about 4 percent on Thursday, with Brent crude at its highest in roughly 16 months. OPEC and Russia had agreed to restrict output to reduce the global supply glut, OPEC's first oil output reduction since 2008.
Brent settled at $53.94 after touching $54.53 earlier in the session.
A coordinated output cut tightens crude supply and lifts crude prices, which raises energy and diesel costs for feed producers and feeds into freight and fertilizer costs.
reuters.comDevika Krishna KumarDec 1, 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.
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.
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.
It describes the Brent rally to a 16-month high on the OPEC and Russia output restriction, but the 4% figure and Dec 1 dating make it a partial match.
