# Oil Fell Sharply on Expected OPEC Output Increase | Rigzone

> Oil fell sharply on Friday after delegates said OPEC+ expects to proceed with output hikes in the fourth quarter. WTI settled at $73.55 while Libyan unrest has cut that country's output by 68%.

- Date: 2024-08-30 · published 2024-08-30T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/28953-oil-fell-sharply-on-expected-opec-output-increase-rigzone
- 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 additions outweigh Libyan disruptions, pressuring crude and energy-linked commodities. Weak China demand outlooks also cap upside for energy prices.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- rigzone.com: https://www.rigzone.com/news/wire/oil_fell_sharply_on_expected_opec_output_increase-30-aug-2024-177954-article/

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