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Oil pared gains after rising to a one-week high, as projections of ample world supply offset disruptions in Libya and Iraq. Brent climbed to $66 a barrel earlier after Libya's largest oil project was shut when armed forces closed a critical pipeline.
Protests also halted work at a minor Iraqi field.
Libyan output outages tighten supply, but ample global supply limits the upside. Energy prices may stay volatile, affecting diesel and biofuel input costs.
bloomberg.comRobert TuttleFeb 1, 2020After 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.
