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Saudi Arabia and Russia ended their oil price war by agreeing to cut output together with OPEC+ allies, with about 10 million bpd to be cut in May and June. Brent traded down 2.3% at $32.10 after erasing earlier gains, and the cut covers only a fraction of an estimated 35 million bpd demand loss.
The deal removes the threat of further price collapse, but Brent's failure to hold gains shows that demand destruction limits how much energy prices can recover, keeping biofuel-linked feed input values weak.
worldoil.comJavier Blas, Salma El Wardany, Grant SmithApr 9, 2020After 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.
