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Oil rose about 1% on Monday as expectations grew that OPEC would cut output if needed, alongside conflict in Libya and strong European fuel demand from gas-to-oil switching. Brent traded near $101.88 and WTI near $94.15.
Expected OPEC supply cuts and firm European fuel demand support crude prices, which lifts biofuel feedstock and input cost expectations.
trtworld.comFatıma TaşkömürAug 29, 2022After 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.
After 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 327 past geopolitics events, DIESEL moved a median +1.0% over 5 sessions (54% higher; middle half -3.9% to +7.5%), and +0.4% 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.
