# Oil rises more than $1 a barrel on tighter supply outlook

> Oil prices jumped more than $1 a barrel on Thursday, closing the month higher. Traders cited expectations that OPEC+ would keep its production cuts, ongoing attacks on Russia's energy infrastructure, and a falling U.S. rig count.

- Date: 2024-03-28 · published 2024-03-28T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/31366-oil-rises-more-than-1-a-barrel-on-tighter-supply-outlook
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected tighter supply lifts crude prices, which raises energy and freight costs for feed producers and pushes up input costs across the feed chain.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-01-13 | [Oil prices rise by more than $1 a barrel on potential Iran supply disruption \| Reuters](https://feedsoft.ai/events/11389-oil-prices-rise-by-more-than-1-a-barrel-on-potential-iran-supply-disruption.md) | +1.5% | +7.9% |
| WTI | 2026-10-28 | [Arab News \| Oil rises more than 1% as supply concerns persist](https://feedsoft.ai/events/17239-arab-news-oil-rises-more-than-1-as-supply-concerns-persist.md) | -2.1% | — |
| WTI | 2022-01-19 | [Oil rises to 7-year high as Turkey outage adds to tight supply outlook](https://feedsoft.ai/events/43294-oil-rises-to-7-year-high-as-turkey-outage-adds-to-tight-supply-outlook.md) | +1.0% | +7.8% |
| WTI | 2024-03-25 | [Oil prices rise amid worsening geopolitical outlook and tighter supply \| The National](https://feedsoft.ai/events/31377-oil-prices-rise-amid-worsening-geopolitical-outlook-and-tighter-supply-the.md) | +4.1% | +3.2% |
| WTI | 2019-05-27 | [Oil up more than 1% on Mideast tensions and supply cuts](https://feedsoft.ai/events/59236-oil-up-more-than-1-on-mideast-tensions-and-supply-cuts.md) | -8.5% | -1.9% |
| BRENT | 2026-01-13 | [Oil prices rise by more than $1 a barrel on potential Iran supply disruption \| Reuters](https://feedsoft.ai/events/11389-oil-prices-rise-by-more-than-1-a-barrel-on-potential-iran-supply-disruption.md) | +1.4% | +8.5% |
| BRENT | 2026-10-28 | [Arab News \| Oil rises more than 1% as supply concerns persist](https://feedsoft.ai/events/17239-arab-news-oil-rises-more-than-1-as-supply-concerns-persist.md) | -4.7% | — |
| BRENT | 2022-01-19 | [Oil rises to 7-year high as Turkey outage adds to tight supply outlook](https://feedsoft.ai/events/43294-oil-rises-to-7-year-high-as-turkey-outage-adds-to-tight-supply-outlook.md) | +0.8% | +8.7% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-prices-advance-investors-reassess-us-inventories-data-2024-03-28/

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