# Oil sees biggest daily gain in 2 weeks on bets OPEC+ will extend production cuts - MarketWatch

> Oil futures settled higher on Tuesday, posting their largest one-day gain in about two weeks, as traders anticipated OPEC+ would further delay unwinding production cuts. WTI rose 2.7% to $69.94 and Brent rose 2.5% to $73.62.

- Date: 2024-12-03 · published 2024-12-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/27120-oil-sees-biggest-daily-gain-in-2-weeks-on-bets-opec-will-extend-production-cuts
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expectations of continued OPEC+ supply restraint lift crude prices, raising diesel and freight costs and supporting vegetable oil and biofuel feedstock demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-02-05 | [OPEC+ to decide on extending oil production cuts into Q2 2024 in March](https://feedsoft.ai/events/31564-opec-to-decide-on-extending-oil-production-cuts-into-q2-2024-in-march.md) | +6.3% | +9.4% |
| WTI | 2024-06-02 | [Exclusive \| OPEC+ Agrees to Extend Production Cuts in Bid to Boost Oil Prices - WSJ](https://feedsoft.ai/events/29930-exclusive-opec-agrees-to-extend-production-cuts-in-bid-to-boost-oil-prices-wsj.md) | -1.9% | +8.5% |
| WTI | 2024-06-02 | [OPEC+ to extend deep oil production cuts into 2025 \| CNN Business](https://feedsoft.ai/events/29654-opec-to-extend-deep-oil-production-cuts-into-2025-cnn-business.md) | -1.9% | +8.5% |
| WTI | 2022-09-05 | [Oil: OPEC+ surprises energy markets with a small production cut](https://feedsoft.ai/events/39517-oil-opec-surprises-energy-markets-with-a-small-production-cut.md) | +1.0% | -3.7% |
| WTI | 2024-05-03 | [OPEC+ likely to extend production cuts in June](https://feedsoft.ai/events/30161-opec-likely-to-extend-production-cuts-in-june.md) | +0.4% | -3.0% |
| BRENT | 2024-02-05 | [OPEC+ to decide on extending oil production cuts into Q2 2024 in March](https://feedsoft.ai/events/31564-opec-to-decide-on-extending-oil-production-cuts-into-q2-2024-in-march.md) | +5.7% | +7.3% |
| BRENT | 2024-06-02 | [Exclusive \| OPEC+ Agrees to Extend Production Cuts in Bid to Boost Oil Prices - WSJ](https://feedsoft.ai/events/29930-exclusive-opec-agrees-to-extend-production-cuts-in-bid-to-boost-oil-prices-wsj.md) | -2.0% | +7.9% |
| BRENT | 2024-06-02 | [OPEC+ to extend deep oil production cuts into 2025 \| CNN Business](https://feedsoft.ai/events/29654-opec-to-extend-deep-oil-production-cuts-into-2025-cnn-business.md) | -2.0% | +7.9% |

## Sources

- marketwatch.com: https://www.marketwatch.com/story/oil-prices-rise-ahead-of-opec-decision-this-week-on-production-cuts-ac4d5c79

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