# Oil settles higher but falls on the week on firmer supply outlook

> Oil settled higher on the day but finished the week lower. OPEC+ and its allies said they will go ahead with plans to add 180,000 bpd each month starting in December.

- Date: 2024-09-27 · published 2024-09-27T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/28239-oil-settles-higher-but-falls-on-the-week-on-firmer-supply-outlook
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Scheduled monthly supply additions from December signal a looser crude market, limiting upside in oil prices. Lower crude tends to reduce diesel and fertilizer costs for feed producers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-08-03 | [Oil falls on supply glut fears as OPEC+ set to boost output - Markets - Business Recorder](https://feedsoft.ai/events/51785-oil-falls-on-supply-glut-fears-as-opec-set-to-boost-output-markets-business.md) | +2.5% | +7.0% |
| WTI | 2024-03-26 | [Oil settles lower as markets weigh Russian supply woes](https://feedsoft.ai/events/31369-oil-settles-lower-as-markets-weigh-russian-supply-woes.md) | +4.2% | +2.0% |
| WTI | 2024-09-26 | [Crude oil prices today: WTI falls as Saudi committed to higher output](https://feedsoft.ai/events/28481-crude-oil-prices-today-wti-falls-as-saudi-committed-to-higher-output.md) | +0.5% | +1.4% |
| WTI | 2022-06-30 | [Oil falls 3% on uncertainty over future Opec+ output, recession fears - The Business Times](https://feedsoft.ai/events/41112-oil-falls-3-on-uncertainty-over-future-opec-output-recession-fears-the-business.md) | -6.3% | -11.5% |
| WTI | 2025-06-16 | [Soyoil around 18-month highs, grains fall on good crop weather](https://feedsoft.ai/events/5344-soyoil-around-18-month-highs-grains-fall-on-good-crop-weather.md) | -6.1% | -7.8% |
| BRENT | 2020-08-03 | [Oil falls on supply glut fears as OPEC+ set to boost output - Markets - Business Recorder](https://feedsoft.ai/events/51785-oil-falls-on-supply-glut-fears-as-opec-set-to-boost-output-markets-business.md) | +2.4% | +4.4% |
| BRENT | 2024-03-26 | [Oil settles lower as markets weigh Russian supply woes](https://feedsoft.ai/events/31369-oil-settles-lower-as-markets-weigh-russian-supply-woes.md) | +2.1% | +2.2% |
| BRENT | 2024-09-26 | [Crude oil prices today: WTI falls as Saudi committed to higher output](https://feedsoft.ai/events/28481-crude-oil-prices-today-wti-falls-as-saudi-committed-to-higher-output.md) | -0.1% | +0.5% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-fall-expectations-higher-supplies-hammer-market-sentiment-2024-09-27/

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