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WTI settled up 1.1% at $66.30 and Brent traded near $74.57 as oil hit nearly six-month highs. The rally followed Washington's plan to cut Iranian crude exports by ending sanctions waivers.
Expected removal of Iranian barrels from the market keeps supply tight and supports crude prices.
cnbc.comTom DiChristopherApr 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.
Same-day report of oil at near six-month highs on the US plan to cut Iranian exports to zero, a supply-side driver of the Brent jump.
