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WTI settled at $50.17 per barrel, its best close since May, and rose nearly 9% in July. Brent was near $52.54 as the US considered sanctions on Venezuela's oil sector after the country's constitutional assembly vote, with a ban on US oil imports seen as the most likely step.
A possible US ban on Venezuelan oil and ongoing Middle East supply disruptions tighten crude supply, which lifts crude and diesel prices and raises energy costs for feed production.
cnbc.comReutersJul 31, 2017After 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 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.
