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Oil prices rose about 1.5% on Friday as strong US jobs data eased demand worries and Libyan military action raised supply-disruption concerns. Optimism over a US-China trade deal and reports of possible lower Venezuelan output also supported crude.
Brent settled at $70.34 and WTI at $63.08.
Higher crude and diesel costs raise farm input and freight expenses and can support biofuel-linked feedstock values. Crude strength can also lift vegetable oil and corn prices through energy linkages.
pakistangulfeconomist.comS. Kamal Hayder KazmiApr 7, 2019After 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.
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.
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.
