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Brent crude rose for a 10th straight session, on track for its longest winning streak since its 1988 launch, and was at $61.89 a barrel. Saudi assurances that OPEC and partner cuts would prevent a surplus, along with reassurance from the Federal Reserve, supported the rally.
Expected OPEC supply cuts and firmer demand outlook point to tighter crude balances. Higher energy prices tend to lift biofuel feedstock values and raise diesel and freight costs across the feed chain.
energynow.comJan 11, 2019After 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.
After 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.
Brent's record 10-session rally to ~$61.89 on Saudi assurances of cuts and Fed reassurance captures the window's cumulative move.
