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Oil prices rose on April 27, 2021, after OPEC+ confirmed it would proceed with planned output increases from May. Brent traded near $66 and WTI near $62.40, while concerns over surging COVID-19 cases in India and Brazil lingered.
OPEC+ also dropped a planned ministerial meeting, with the next one now expected at the end of May.
OPEC+ production increases add supply while demand recovery is uncertain, leaving crude price direction mixed. Energy costs remain a factor in feed and freight margins.
db.forbesmiddleeast.comSumit Khanna, Ayesha Venkataraman, Kudakwashe MuzoriwaApr 27, 2021After 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.
