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Brent crude rose above $74 a barrel on Monday, its highest since November, and U.S. crude reached $65.92. The rally followed the U.S. move to end waivers on Iranian oil imports and uncertainty over Saudi supply.
Expected loss of Iranian exports and uncertain Saudi output tighten crude supply, which raises energy costs for feed producers and biofuel-linked demand.
reuters.comLesley WroughtonApr 22, 2019reuters.comLesley WroughtonApr 23, 2019After 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.
Monday's rise on waiver end and Saudi supply uncertainty fed follow-through buying on April 23.
