Loading…
Oil prices hit their highest in about six months after sources said Gulf OPEC members would raise output only if there was demand to offset any shortfall from a U.S. decision to end waivers for buyers of Iranian crude.
Losing Iranian barrels tightens supply, and OPEC's conditional response limits the cushion, so crude prices are pushed higher.
reuters.comJessica Resnick-AultApr 23, 2019After 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 626 past bullish geopolitics events, WTI moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% 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 surged on 2019-04-23 to ~six-month highs as Gulf OPEC signaled it would raise output only if demand warranted, raising supply-shortfall concerns from the end of Iranian waivers.
