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A senior OPEC source said the group will not raise output in response to small, short-lived supply disruptions from Iran or Venezuela. OPEC would act only if a disruption of about 1 million barrels per day persisted for more than a month.
Brent was trading near $67.52 a barrel after political tensions in Iran pushed prices higher.
OPEC's refusal to offset minor outages leaves room for geopolitical risk premiums to lift crude prices, which feeds into energy and freight costs for feed buyers.
nai500.comJan 9, 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.
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.
