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Oil prices rose 8% on Thursday, March 17, 2022, recovering from several days of losses. The rebound reflected renewed concern about supply shortages in the coming weeks because of sanctions on Russia, the world's second-largest crude exporter.
Sanctions-driven supply fears lift crude prices, which raise diesel, freight and fertilizer costs for feed producers and support biofuel-linked feedstocks such as soybean oil and corn.
cnbc.comReutersMar 17, 2022
reuters.comArathy SomasekharMar 17, 2022After 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 250 past bullish geopolitics events, ULSD / 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.
Oil rose 8% on March 17 on renewed fears of Russian supply shortages from sanctions, driving the rebound in ULSD during the window.
The 8% rebound on March 17 on renewed Russian supply-shortage fears began the recovery from the March 15-16 low, lifting the 5-day change.
The 8% rebound on March 17 on Russian supply shortage concerns raised the base from which the later gains were measured and signalled the upward momentum.
