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Commerzbank's Eugen Weinberg says diesel has trended higher with strong swings after Brent rose more than 10% on OPEC's unexpected agreement to cut output. He notes the dollar's strength made oil more expensive for European buyers and doubts OPEC will fully comply.
OPEC-driven crude gains feed through to diesel and energy costs, though the analyst expects the rally may not last indefinitely.
dhl-freight-connections.comSonja TerbrüggenDec 22, 2016After 656 past bullish geopolitics events, BRENT moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 250 past bullish geopolitics events, DIESEL moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% 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.
