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Oil rose in Asian trade but was still set for a third weekly decline as fresh supply appeared to reach the market. Traders reported a sharp rise in Iraqi export cargoes for next month, and Libyan exports resumed as its civil war eased.
Lockdowns in France and the UK were also weighing on demand expectations.
Rising Iraqi and Libyan barrels add to supply just as demand weakens, which pressures crude and diesel prices. Lower energy costs can ease feed transport and processing expenses.
moneyweb.co.zaSaket Sundria, James Thornhill, BloombergSep 25, 2020After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% 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.
