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Oil prices settled slightly higher on Dec 20 as investors worried about trade disruption after Houthi attacks on ships in the Red Sea. Brent settled up 0.6% at $79.70 a barrel and WTI rose 0.4% to $74.22.
Gains were capped by a larger-than-expected U.S. crude inventory build, bigger fuel stock gains and record domestic output.
Red Sea rerouting raises freight costs and transit times for grain and oilseed shipments, while rising crude supports biofuel feedstock economics. Bearish U.S. inventory and output data limit the upside for energy-linked feed inputs.
reuters.comLaura SanicolaDec 20, 2023After 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.
Not enough comparable past events yet for a historical read.
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.
