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Brent crude traded above $70 a barrel, supported by US sanctions on Iranian and Venezuelan fuel exports and by OPEC production costs. These factors were said to offset concerns about the global economy.
The report is a short Ritzau market note.
Sanctions-driven tightness in crude supply raises energy and freight costs for feed producers. The price support is partly offset by macro worries about demand.
energywatch.comMay 28, 2019After 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.
