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RBS analysts say oil prices rose above $70 in early May, supported by US sanctions on Iran and Venezuela and political tensions in Libya. They note that the OPEC+ committee discussed raising output but did not implement an increase.
The focus shifts to the late June OPEC meeting.
Without an OPEC+ output increase, supply stays tight and crude prices stay supported, which keeps energy input costs high for feed manufacturers. Weaker demand worries are a counterweight.
octaafrica.netMay 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.
