Oil trades below $70 as traders assess supply shortage

After 60 past neutral geopolitics events, WTI moved a median -0.9% over 5 sessions (43% higher; middle half -4.7% to +2.3%), and -1.9% over 20.

• Jul 13, 2018Oil rises but declines for the week as supply concerns ease-1.2%
• Jun 30, 2021Oil steady, traders on sidelines as OPEC+ talks drag on - The Globe and Mail-1.2%
• Nov 30, 2020Opec set for annual meeting to discuss next phase of oil production policy | The National+1.5%
• Jul 31, 2026WTI Oil rises as geopolitical risks keep supply concerns alive-7.4%
• Jun 23, 2025Update: oil prices fall back after short-lived surge in early trading - FreightWaves-12.2%

After 63 past neutral geopolitics events, BRENT moved a median -0.5% over 5 sessions (44% higher; middle half -4.4% to +2.6%), and -2.7% over 20.

• Jul 13, 2018Oil rises but declines for the week as supply concerns ease-1.4%
• Jun 30, 2021Oil steady, traders on sidelines as OPEC+ talks drag on - The Globe and Mail+0.1%
• Jul 31, 2018Aramco unlikely to reduce oil exports to West after Houthi attack, analysts say | The National-2.5%
• Nov 30, 2020Opec set for annual meeting to discuss next phase of oil production policy | The National+3.5%
• Jun 23, 2025Update: oil prices fall back after short-lived surge in early trading - FreightWaves-11.9%