# Oil prices drop as OPEC loses control of narrative: Kemp

> Commentary says OPEC has lost control of the oil market narrative after its informal alliance shaped it earlier, and hedge funds have been responding to the shift. Oil prices fell as a result.

- Date: 2017-05-05 · published 2017-05-05T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/11190-oil-prices-drop-as-opec-loses-control-of-narrative-kemp
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Loss of OPEC's price-support credibility raises the risk of further crude declines, which lowers energy costs but signals weaker prices for biofuel-linked feedstocks.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/article/oil-hedgefunds-kemp-idUKL8N1I73DG/

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