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Oil prices rose on Tuesday after armed factions blocked production at the Sharara and Wafa oilfields, cutting Libyan output by about 252,000 barrels a day. Prices were also supported by a weaker dollar and signals that OPEC may extend its output cut.
Lost Libyan barrels and a softer dollar both lift crude prices, which tends to support vegetable oil and biofuel values over time.
arabnews.comReutersMar 29, 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.
After 33 past bearish geopolitics events, US Dollar (Broad) moved a median -0.6% over 5 sessions (33% higher; middle half -1.5% to +0.2%), and -0.8% 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.
