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OPEC+ said it would keep its oil production targets, with the group's 23 members holding output steady ahead of EU sanctions on Russian crude. The G7 agreed a $60 price cap on Russian seaborne oil, and Moscow said it would not comply.
Sanctions on Russian crude could reduce global supply and raise prices, which matters for energy and fertilizer input costs for feed producers.
thenationalnews.comJohn BennyDec 4, 2022After 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.
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.
