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US crude oil rose to its highest settlement since November 2014, with August WTI up 69 cents to $73.45 a barrel. Traders cited the largest weekly decline in US crude stocks this year, U.S. sanctions on Iranian oil, and production problems at a Canadian oil sands facility.
Natural gas prices fell after an upward revision to weekly storage data.
Higher crude and diesel costs raise freight, fuel and processing expenses across the feed chain and tend to lift biofuel-linked vegetable oil values. Continued Iran-related supply tightness could keep this support in place.
marketwatch.comMyra P. Saefong,Rachel Koning BealsJun 28, 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 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.
