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WTI crude recovered almost 10% from a 15-month low reached during the banking crisis. The rebound was supported by a legal dispute between Iraq, Kurdistan and Turkey that halted about 450,000 bpd of exports.
The export halt removes barrels from the market and supports crude and diesel prices that affect feed-mill energy and freight costs. Continued banking stress could still limit the upside.
bloomberg.comJulia Fanzeres, Natalia KniazhevichMar 27, 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.
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.
