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Oil futures in New York rose about 4 percent on Monday after their worst monthly loss in a decade, lifted by an extended Saudi-Russian cooperation pact and cooling U.S.-China trade tensions. Canadian supply cuts also pushed prices higher, and an OPEC and allied meeting in Vienna was expected to address output.
Higher crude supports energy costs and biofuel economics, which can lend some support to vegetable oil and feed input values. The outcome of the OPEC meeting and trade talks will determine whether the rebound holds.
bloomberg.comAlex NussbaumJan 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.
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.
