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Oil prices rose sharply on September 19 on supply risks from drone attacks on Saudi infrastructure and a US interest rate cut. Brent gained $1.44 to $65.04 and WTI rose 89 cents to $59, and Saudi Arabia pledged full capacity by end-November.
Saudi plans leave little spare capacity for months, so any further outage would be price supportive, keeping energy costs elevated for feed makers.
gulfnews.comReutersSep 19, 2019After 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.
