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Oil futures in New York closed 2% higher, with Brent touching $90 a barrel for the first time in seven years during the session. Concerns over a possible Russian incursion into Ukraine were cited as the driver.
A move toward $90 Brent lifts energy and transport costs across the feed chain and supports biofuel-linked vegetable oil values, while geopolitical risk keeps volatility elevated.
bloomberg.comJulia FanzeresJan 25, 2022After 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 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.
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.
