# Crude Prices Slump on OPEC+ Plans to Boost Oil Production

> WTI crude closed down 3.11% on Friday after a Reuters report that OPEC+ will proceed with planned fourth-quarter production hikes of about 543,000 bpd. A stronger dollar and weak Japanese data also weighed, while Libya declared force majeure on its oil fields.

- Date: 2024-08-30 · published 2024-08-30T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/28956-crude-prices-slump-on-opec-plans-to-boost-oil-production
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Expected OPEC+ supply growth and a firmer dollar pressure crude and energy prices, lowering costs for biofuel and freight inputs that affect feed economics.

## Read by commodity

- DXY: bullish ▲
- WTI: bearish ▼

## Sources

- barchart.com: https://www.barchart.com/story/news/28299746/crude-prices-slump-on-opec-plans-to-boost-oil-production

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