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Bloomberg reports OPEC+ delegates expect a ministerial advisory committee to keep oil output levels unchanged at its meeting after prices neared $90 a barrel. Uncertainty remains over China's reopening recovery and the impact of EU sanctions on Russian crude.
Steady OPEC+ output with prices near $90 supports higher energy costs, which feed into transport and processing expenses for feed.
worldoil.comGrant Smith, Salma El Wardany, Anthony Di Paola, BloombergFeb 1, 2023After 656 past bullish geopolitics events, 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, 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.
