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Oil prices rose on Friday, with WTI near $59.54 a barrel, as OPEC-led supply cuts and U.S. sanctions on Iran and Venezuela tightened crude markets. Crude is on track for its biggest first-quarter gain since 2009.
President Trump called on OPEC to boost output to lower prices.
Continued OPEC withholding and sanctions-related supply losses support crude prices, which feed into diesel and biofuel input costs for feed and transport. A Trump push for more OPEC output is a potential downside risk if producers respond.
zeebiz.comReutersMar 29, 2019After 626 past bullish geopolitics events, 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, BRENT moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 250 past bullish geopolitics events, DIESEL moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% 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.
