
The Canadian dollar held near a multi-week high against the US dollar after the EU agreed a partial, phased ban on Russian oil. US crude rose 3.4% to $118.92 a barrel, while Canada's first-quarter GDP growth of 3.1% annualized missed the 5.4% analyst forecast.
An EU ban on Russian crude tightens global oil supply and supports energy prices, which lifts crude demand for feed-linked energy costs and freight. The mostly unchanged loonie shows limited near-term currency impact.
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 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.