New York Fed says oil price rise due to factors outside its model

From the New York Federal Reserve, its weekly ""Oil Price Dynamics Report" ... a direct quote:

Recent Trends

• Prices rose sharply over the past two weeks. Demand and supply expectations held fairly stable, indicating the move was driven by factors outside the model.

Well, yeah. This is from about a week ago:

• Oil price gap surge higher after the shock weekend OPEC+ news (swingeing output cut)

• Saudi Arabia and other gulf states announce 1 million barrels per day in oil output cuts

Sheesh. Not rocket science.