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Oil prices fell after Saudi Arabia and Russia delayed a meeting, while Cushing stockpiles surged. The same report notes Qatar plans a $10 billion investment in the Al Udeid Air Base, which is unrelated to crude supply.
A stalled producer agreement removes hopes of supply restraint, while rising storage at Cushing points to a glut that keeps crude prices under pressure.
reuters.comApr 6, 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.
