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Brent crude rose above $60 a barrel for the first time in two years, driven by Middle East political uncertainty, expectations of extended OPEC cuts and falling US inventories. Analysts also pointed to signs of a slowdown in US shale output growth.
Brent above $60 raises energy and freight costs for feed producers and supports biofuel-linked feedstock values. The tightening signals from inventories and shale suggest the uptrend has some support.
energyvoice.comAlan ShieldsOct 28, 2017After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% 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.
