Loading…
Oil plunged nearly 7% in London on September 17 after Reuters reported Saudi Arabia was close to restoring 70% of lost output, with full production expected within weeks. Brent fell as low as $64.48 and WTI dropped toward $59.42.
Quicker Saudi recovery reduces the supply risk premium, pushing crude and diesel costs lower for feed producers.
worldoil.comDavid Marino, Sheela TobbenSep 17, 2019After 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.
After 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.
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.
