# Oil storage rise supports case for keeping OPEC+ cuts, sources say

> Rising oil storage levels are reported as sources say they support keeping OPEC+ production cuts in place. Soft fuel demand is cited as a factor strengthening the case for maintaining supply restraint at the group's June meeting.

- Date: 2024-05-29 · published 2024-05-29T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/30428-oil-storage-rise-supports-case-for-keeping-opec-cuts-sources-say
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Extended OPEC+ cuts tighten crude supply and support oil prices, which feed into diesel and energy costs for feed producers and transport.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-08-04 | [Oil prices rise after strong US jobs data; rising exports cap gains](https://feedsoft.ai/events/69651-oil-prices-rise-after-strong-us-jobs-data-rising-exports-cap-gains.md) | -1.0% | -3.6% |
| 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 | 2019-01-04 | [Dollar cycle may be about to turn, supporting oil prices: Kemp](https://feedsoft.ai/events/61292-dollar-cycle-may-be-about-to-turn-supporting-oil-prices-kemp.md) | +11.7% | +14.6% |
| WTI | 2021-10-15 | [Oil prices rise to three-year high on back of supply deficit forecasts](https://feedsoft.ai/events/44716-oil-prices-rise-to-three-year-high-on-back-of-supply-deficit-forecasts.md) | +1.5% | +0.1% |
| WTI | 2023-09-20 | [Goldman Sachs Says Oil’s Going Back to $100 as OPEC+ Cuts - Bloomberg](https://feedsoft.ai/events/34275-goldman-sachs-says-oil-s-going-back-to-100-as-opec-cuts-bloomberg.md) | -0.1% | -5.0% |
| 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 | 2019-01-04 | [Dollar cycle may be about to turn, supporting oil prices: Kemp](https://feedsoft.ai/events/61292-dollar-cycle-may-be-about-to-turn-supporting-oil-prices-kemp.md) | +11.9% | +13.9% |
| BRENT | 2026-09-28 | [Rand weakens as oil prices rise and rate-hike fears support dollar](https://feedsoft.ai/events/17765-rand-weakens-as-oil-prices-rise-and-rate-hike-fears-support-dollar.md) | +6.5% | +1.3% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-storage-rise-supports-case-keeping-opec-cuts-sources-say-2024-05-29/

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