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Russia said it would cut oil output by 500,000 barrels per day in March in response to Western price caps. Brent rose more than 2.5% to $86.6 a barrel on the news.
A supply cut from the second-largest oil exporter tightens crude markets, lifting energy costs that feed into diesel, fertilizer and freight.
reuters.comVladimir SoldatkinFeb 10, 2023After 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.
After 250 past bullish geopolitics events, ULSD / Diesel moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% 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.
