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December WTI rose about 2.5% on Wednesday as lingering Middle East tensions supported prices after Israel vowed to strike Iran hard if attacked again. An unexpected draw in EIA crude and gasoline inventories and a Reuters report that OPEC+ could delay a December output hike also lifted crude.
Higher crude from geopolitical risk and a tighter US balance raises energy costs for feed mills and supports vegetable oil and biofuel values.
barchart.comRich AsplundOct 30, 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.
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.
