# Oil rises on fears about Lebanon, further OPEC+ supply cuts | Reuters

> Oil prices rose on concerns about Lebanon and expectations of further OPEC+ supply cuts. An analyst said demand growth would slow in 2025 and that China could not be relied upon to drive half of global oil demand.

- Date: 2024-12-03 · published 2024-12-03T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/27114-oil-rises-on-fears-about-lebanon-further-opec-supply-cuts-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected OPEC+ supply restraint supports crude prices, which feed into diesel and freight costs for feed producers and influence the price of biofuel feedstocks.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-03-30 | [Oil rises over 1% on Iraqi supply risks, U.S. crude draw \| Reuters](https://feedsoft.ai/events/36774-oil-rises-over-1-on-iraqi-supply-risks-u-s-crude-draw-reuters.md) | +10.6% | +2.5% |
| WTI | 2023-02-13 | [Oil edges higher as market weighs Russian supply cuts amid demand fears \| Reuters](https://feedsoft.ai/events/37491-oil-edges-higher-as-market-weighs-russian-supply-cuts-amid-demand-fears-reuters.md) | -4.3% | -6.3% |
| WTI | 2022-04-18 | [Oil rises over 1% as Libya outages add to Russia supply fears](https://feedsoft.ai/events/42013-oil-rises-over-1-as-libya-outages-add-to-russia-supply-fears.md) | -4.0% | +3.4% |
| WTI | 2019-03-29 | [Oil prices rise amid OPEC's ongoing supply cuts, U.S. sanctions](https://feedsoft.ai/events/60279-oil-prices-rise-amid-opec-s-ongoing-supply-cuts-u-s-sanctions.md) | +4.8% | +6.7% |
| WTI | 2022-08-29 | [Oil prices climb on OPEC supply cut prospect, rise in demand](https://feedsoft.ai/events/40197-oil-prices-climb-on-opec-supply-cut-prospect-rise-in-demand.md) | -6.7% | -17.6% |
| BRENT | 2023-03-30 | [Oil rises over 1% on Iraqi supply risks, U.S. crude draw \| Reuters](https://feedsoft.ai/events/36774-oil-rises-over-1-on-iraqi-supply-risks-u-s-crude-draw-reuters.md) | +9.7% | +1.7% |
| BRENT | 2023-02-13 | [Oil edges higher as market weighs Russian supply cuts amid demand fears \| Reuters](https://feedsoft.ai/events/37491-oil-edges-higher-as-market-weighs-russian-supply-cuts-amid-demand-fears-reuters.md) | -4.0% | -3.9% |
| BRENT | 2019-03-29 | [Oil prices rise amid OPEC's ongoing supply cuts, U.S. sanctions](https://feedsoft.ai/events/60279-oil-prices-rise-amid-opec-s-ongoing-supply-cuts-u-s-sanctions.md) | +4.0% | +6.9% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-prices-little-changed-ahead-opec-meeting-2024-12-03/

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