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US crude futures rose for a third session, with March WTI up about 1.9 percent to $55.25 a barrel and set for a monthly gain above 20 percent. Drivers included the dovish Fed, OPEC+ production cuts, new US sanctions on PdVSA and lower Saudi exports to the US.
Higher crude raises diesel and fuel costs for feed transport and can support biofuel-linked vegetable oil demand, while the monthly rally signals tightening supply.
gfmreview.comMarkets/commodities reporter News editorJan 31, 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 250 past bullish geopolitics events, ULSD / 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.
