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Brent rose about 3% above $78 a barrel after a supply disruption at Libya's top oilfield. Analysts noted that Brent remained well below its September high amid doubts about OPEC+ cohesion.
Doubts about OPEC+ output discipline and a well-supplied market cap crude prices, though supply outages add short-term upside.
reuters.comMaha Dahan, Alex Lawler, Ahmad GhaddarJan 3, 2024After 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.
After 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.
