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Oil rose in thin trading ahead of the US holiday weekend as export disruptions in Libya added to supply concerns. WTI posted a slight weekly gain after two weekly declines.
OPEC output fell by 120,000 bpd in June, a second straight monthly decline, and Libyan exports are about one-third of last year's level after shipments from two major ports were suspended.
Lost Libyan barrels and falling OPEC output tighten global crude supply, which supports energy prices. Higher diesel and fuel costs raise freight and processing expenses for feed producers.
bloomberg.comJulia Fanzeres, Diana LiJun 30, 2022After 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 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.
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.
