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Crude oil rose as Libya halted the pipeline from its largest field, the Sharara field, cutting its output to about 560,000 barrels a day. The move offset concern about a global supply glut and rising U.S. stockpiles.
A sudden loss of Libyan supply tightens the crude balance and supports energy prices, which feed into biofuel and feed-processing costs.
energyvoice.comBloombergMar 28, 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.
