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Oil futures fell on August 23 as signs of a thaw in U.S. relations with sanctioned oil producers emerged. WTI dropped below $79 to its lowest close in more than a month, with the Biden administration reported to be in talks with those producers.
Possible easing of sanctions on major producers could add crude supply to the market and weigh on prices.
bloomberg.comJulia FanzeresAug 23, 2023After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% 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.
