
Oil rose on December 2 ahead of an OPEC+ decision on January output, recouping prior losses. Brent gained $1.24 to $70.11 and WTI rose $1.13 to $66.70, after more than $10 of losses since Omicron emerged.
Expectations of OPEC+ restraint or continued output hikes will drive crude direction, affecting energy and freight costs for feed buyers.
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.
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.
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.