# Oil rallies over 3% as dollar dips, OPEC's meeting proceeds

> Oil futures rose more than 3% in US trade as the dollar index fell, while OPEC and outside producers met in Vienna and were leaning toward a 1 million bpd increase. US crude was up about 4.6% near $68.54 and Brent rose about 3.45% to $75.57. US oil rig count reached 863, the highest since March 2015.

- Date: 2018-06-22 · published 2018-06-22T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/11574-oil-rallies-over-3-as-dollar-dips-opec-s-meeting-proceeds
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Expectations of a supply increase that falls short of earlier fears, plus a weaker dollar that makes dollar-priced commodities cheaper for other buyers, support crude prices. Rising US output limits how far prices can run.

## Read by commodity

- DXY: bearish ▼
- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-06-03 | [Oil Rally Hinges on Next OPEC Meeting \| Rigzone](https://feedsoft.ai/events/52787-oil-rally-hinges-on-next-opec-meeting-rigzone.md) | +5.7% | +6.5% |
| WTI | 2019-10-22 | [OPEC, allies to consider deeper oil cuts at December meeting - Reuters — Octa](https://feedsoft.ai/events/56467-opec-allies-to-consider-deeper-oil-cuts-at-december-meeting-reuters-octa.md) | +4.5% | +6.8% |
| WTI | 2019-11-30 | [OPEC Oil Output Slips Before Vienna Meeting](https://feedsoft.ai/events/56230-opec-oil-output-slips-before-vienna-meeting.md) | +3.6% | +8.1% |
| WTI | 2019-03-18 | [OPEC Scraps April Meeting but Keeps Oil Cuts in Place](https://feedsoft.ai/events/60016-opec-scraps-april-meeting-but-keeps-oil-cuts-in-place.md) | +0.7% | +9.2% |
| WTI | 2020-06-05 | [Oil Rallies With Strong Jobs Data Adding to OPEC+ Cut Optimism - TT](https://feedsoft.ai/events/52784-oil-rallies-with-strong-jobs-data-adding-to-opec-cut-optimism-tt.md) | -2.7% | +8.5% |
| BRENT | 2020-06-03 | [Oil Rally Hinges on Next OPEC Meeting \| Rigzone](https://feedsoft.ai/events/52787-oil-rally-hinges-on-next-opec-meeting-rigzone.md) | +5.6% | +7.1% |
| BRENT | 2019-10-22 | [OPEC, allies to consider deeper oil cuts at December meeting - Reuters — Octa](https://feedsoft.ai/events/56467-opec-allies-to-consider-deeper-oil-cuts-at-december-meeting-reuters-octa.md) | +3.4% | +6.2% |
| BRENT | 2019-11-30 | [OPEC Oil Output Slips Before Vienna Meeting](https://feedsoft.ai/events/56230-opec-oil-output-slips-before-vienna-meeting.md) | +3.1% | +7.7% |

## Sources

- economies.com: https://www.economies.com/commodities/oil-news/oil-rallies-over-3-as-dollar-dips,-opecs-meeting-proceeds-23440

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