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Crude oil opened higher on Monday after Saudi Arabia said OPEC would not raise output limits soon despite U.S. pressure. WTI traded near $70.60 to $71.50.
OPEC expects global supply to outpace demand again in 2019, and the next meeting is set for early December.
OPEC's refusal to add barrels ahead of Iran sanctions supports crude prices, with energy costs feeding into feed and freight expenses.
octaafrica.netSep 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.
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.
