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Oil prices were on track for their biggest monthly gain in almost a year on January 31, 2022, with Brent trading near $89 and WTI near $87.38. Benchmarks hit their highest since October 2014 on Friday, supported by supply shortages and tensions in Eastern Europe and the Middle East.
Crude near seven-year highs raises energy and logistics costs across feed supply chains and supports vegetable oil and biofuel-linked demand. Expectations of steady OPEC+ increases limit further upside.
brecorder.comReutersJan 31, 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.
