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Brent rose more than 2% to above $80 a barrel on Monday, reaching its highest level since November 2014, while WTI rose 1.85% to $72.09. Analysts expected further gains as US sanctions on Iranian oil exports approach.
OPEC and non-OPEC members ruled out an additional output increase at their Algiers meeting.
OPEC's decision to hold output leaves Iranian supply losses unoffset, supporting higher crude and diesel costs for feed transport and processing. Biofuel demand could also gain support from higher petroleum prices.
gulfnews.comFareed RahmanSep 24, 2018After 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 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.
