Loading…
U.S. light crude settled at $72.76, its best close since November 2014, after supply outages in Canada and Libya and a 9.9 million barrel draw in U.S. crude stocks. U.S. officials said all countries should stop Iranian crude imports by November.
Combined supply outages and planned Iranian export losses point to a tighter crude market, supporting higher energy and input costs for feed producers.
cnbc.comTom DiChristopherJun 27, 2018After 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.
Canadian and Libyan outages, the large US stock draw and the Iran sanctions push combined to lift WTI to its best close since 2014 on 6/27.
