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New York crude futures rose on Friday to finish a 9.4% weekly rally, the best week since 2016. The gain followed President Trump's statement that he had called off strikes on Iran over concern about civilian casualties, while he said he was in no hurry to respond to provocations.
Continued uncertainty over a possible U.S.-Iran conflict keeps a geopolitical risk premium in crude, which supports energy costs for feed producers. A firm crude market also keeps biofuel and diesel-linked demand supportive for vegetable oils.
bloomberg.comAlex NussbaumJun 21, 2019After 626 past bullish geopolitics events, 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, 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.
