Loading…
Oil prices rose on concerns about Lebanon and expectations of further OPEC+ supply cuts. An analyst said demand growth would slow in 2025 and that China could not be relied upon to drive half of global oil demand.
Expected OPEC+ supply restraint supports crude prices, which feed into diesel and freight costs for feed producers and influence the price of biofuel feedstocks.
reuters.comShariq KhanDec 3, 2024After 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.
