Loading…
Oil prices increased on March 1 as OPEC supply cuts tightened markets, with Brent up 0.81% at $66.85 and WTI up 0.77% at $57.66. Venezuelan exports fell 40% to about 920,000 bpd after U.S. sanctions.
The U.S. Department of Energy also announced the sale of up to six million barrels from the Strategic Petroleum Reserve.
OPEC cuts and sanctions support crude prices, while the SPR sale adds some supply that could cap gains in the near term.
offshore-technology.comSrivani VennaMar 1, 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.
After 327 past geopolitics events, ULSD / Diesel moved a median +1.0% over 5 sessions (54% higher; middle half -3.9% to +7.5%), and +0.4% 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.
