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Oil surged the most in nearly a month on Friday after Saudi Arabia planned to keep September exports below 7 million bpd, cutting allocations to customers by 700,000 bpd. WTI rose 3.7% in New York, paring the weekly loss to 2.1%, after a seven-month low during the week.
Saudi export restraint supports crude prices, which lifts energy and freight costs for feed producers, though demand concerns from the trade war remain.
energynow.comAug 9, 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.
