# Oil rises in choppy trade as OPEC supply cuts vie with demand worry

> A Reuters survey found OPEC oil supply fell in December by the largest amount in almost two years, with top exporter Saudi Arabia starting its supply cut early. Crude prices were choppy as the cuts were weighed against demand concerns.

- Date: 2019-01-03 · published 2019-01-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/10830-oil-rises-in-choppy-trade-as-opec-supply-cuts-vie-with-demand-worry
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A sharp drop in OPEC output tightens crude supply and supports energy prices, which raise input costs for feed and fertilizer. Demand worries limit how far the price can rise.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-04-04 | [OPEC+ in driver's seat as oil supply growth lags demand](https://feedsoft.ai/events/36327-opec-in-driver-s-seat-as-oil-supply-growth-lags-demand.md) | +1.4% | -10.8% |
| WTI | 2023-12-01 | [Deeper OPEC+ supply cuts \| articles \| ING THINK](https://feedsoft.ai/events/32488-deeper-opec-supply-cuts-articles-ing-think.md) | -8.8% | -5.2% |
| WTI | 2017-03-01 | [Oil prices rise as OPEC production cut trims supply  \| Globalnews.ca](https://feedsoft.ai/events/72179-oil-prices-rise-as-opec-production-cut-trims-supply-globalnews-ca.md) | -2.2% | -10.4% |
| WTI | 2022-09-04 | [Oil Jumps Near $90 After OPEC+ Surprises With Token Supply Cut - Bloomberg](https://feedsoft.ai/events/39754-oil-jumps-near-90-after-opec-surprises-with-token-supply-cut-bloomberg.md) | +1.0% | -3.7% |
| WTI | 2022-09-19 | [Oil edges up as supply woes outweigh demand and rate hike worries \| Reuters](https://feedsoft.ai/events/39750-oil-edges-up-as-supply-woes-outweigh-demand-and-rate-hike-worries-reuters.md) | -7.6% | +0.6% |
| BRENT | 2023-04-04 | [OPEC+ in driver's seat as oil supply growth lags demand](https://feedsoft.ai/events/36327-opec-in-driver-s-seat-as-oil-supply-growth-lags-demand.md) | +1.3% | -11.0% |
| BRENT | 2023-12-01 | [Deeper OPEC+ supply cuts \| articles \| ING THINK](https://feedsoft.ai/events/32488-deeper-opec-supply-cuts-articles-ing-think.md) | -9.9% | -6.0% |
| BRENT | 2017-03-01 | [Oil prices rise as OPEC production cut trims supply  \| Globalnews.ca](https://feedsoft.ai/events/72179-oil-prices-rise-as-opec-production-cut-trims-supply-globalnews-ca.md) | +1.5% | -6.3% |

## Sources

- cnbc.com: https://www.cnbc.com/2019/01/03/oil-markets-crude-supply-stock-markets-apple-in-focus.html
- reuters.com: https://www.reuters.com/article/us-global-oil/oil-rises-in-choppy-trade-as-opec-supply-cuts-vie-with-demand-worry-idUSKCN1OX03W/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.