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Libya signaled a resumption of some crude exports by telling companies to restart production at fields free of foreign fighters. Virus cases rising in many countries clouded the demand outlook, and New York futures fell 2.1% toward $40 a barrel.
Returning Libyan supply adds to OPEC+ output and weighs on crude prices, which lowers energy and freight costs for feed buyers.
energynow.comSep 21, 2020After 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.
After 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.
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.
