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Brent and WTI rose to their highest levels since late 2014 on Monday after OPEC, meeting in Algiers, rejected U.S. President Trump's call to boost output. Saudi Arabia and Russia said they would not produce significantly more oil.
JPMorgan has forecast prices could rise above $90 a barrel near term.
With OPEC declining to add supply ahead of U.S. sanctions on Iranian crude, the market faces a tighter supply outlook, supporting crude prices and raising diesel and fuel costs for feed transport and grain drying.
cbc.caCBC NewsSep 24, 2018After 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.
