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Brent rose $1.39 to $61.32 and WTI gained $1.32 to $53.31 after the U.S. imposed sanctions on PDVSA. The restrictions require Venezuelan sale proceeds go into blocked accounts, which discourages shipments to the U.S.
Proceeds being blocked should deter PDVSA crude flows to the U.S., and refiners may need to pay more for replacement heavy crude from Saudi Arabia or elsewhere. That supports crude prices.
business-standard.comReutersJan 29, 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.
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.
