# Oil rises on U.S. stockpiles drawdown, OPEC+ mulls output hike delay

> Oil prices rose more than 2% on Oct 29 after US data showed crude and gasoline inventories fell unexpectedly, and after reports OPEC+ may delay a December output increase. Brent settled at $72.55 and WTI at $68.61.

- Date: 2024-10-30 · published 2024-10-30T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/28024-oil-rises-on-u-s-stockpiles-drawdown-opec-mulls-output-hike-delay
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Inventory draws and a possible OPEC+ supply delay tighten crude balances, supporting energy costs for feed production and biofuel margins.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-02-01 | [Oil Rises To 3-Week High as Dollar Slips, OPEC Cuts Output \| Stock News & Stock Market Analysis - IBD](https://feedsoft.ai/events/72672-oil-rises-to-3-week-high-as-dollar-slips-opec-cuts-output-stock-news-and-stock.md) | -1.1% | +2.0% |
| WTI | 2024-01-18 | [Oil prices rise on global demand forecasts, US crude stock draw](https://feedsoft.ai/events/32278-oil-prices-rise-on-global-demand-forecasts-us-crude-stock-draw.md) | +3.6% | +5.8% |
| WTI | 2023-05-24 | [Oil prices gain 2% on falling U.S. stockpiles, Saudi warning \| Reuters](https://feedsoft.ai/events/36100-oil-prices-gain-2-on-falling-u-s-stockpiles-saudi-warning-reuters.md) | -6.6% | -4.9% |
| WTI | 2023-08-29 | [America Runs on Oil – But Can U.S. Diesel Stockpiles Keep Up? - Supply Chain Technology News](https://feedsoft.ai/events/34777-america-runs-on-oil-but-can-u-s-diesel-stockpiles-keep-up-supply-chain.md) | +7.8% | +13.2% |
| WTI | 2025-05-28 | [Oil gains on supply concerns, investors await July OPEC+ output decision](https://feedsoft.ai/events/24836-oil-gains-on-supply-concerns-investors-await-july-opec-output-decision.md) | +4.1% | +6.9% |
| BRENT | 2024-01-18 | [Oil prices rise on global demand forecasts, US crude stock draw](https://feedsoft.ai/events/32278-oil-prices-rise-on-global-demand-forecasts-us-crude-stock-draw.md) | +3.5% | +5.9% |
| BRENT | 2023-05-24 | [Oil prices gain 2% on falling U.S. stockpiles, Saudi warning \| Reuters](https://feedsoft.ai/events/36100-oil-prices-gain-2-on-falling-u-s-stockpiles-saudi-warning-reuters.md) | -5.8% | +0.4% |
| BRENT | 2025-05-28 | [Oil gains on supply concerns, investors await July OPEC+ output decision](https://feedsoft.ai/events/24836-oil-gains-on-supply-concerns-investors-await-july-opec-output-decision.md) | +3.7% | +6.1% |

## Sources

- cnbc.com: https://www.cnbc.com/2024/10/30/oil-prices-steady-on-shrinking-us-crude-inventories.html

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