# Oil prices climb as revised IEA outlook signals tighter market | Reuters

> Brent crude for May rose $1.39 to settle at $85.42 a barrel, its highest close since early November. WTI for April climbed $1.54 to $81.26 after the IEA revised its outlook to show a tighter market.

- Date: 2024-03-14 · published 2024-03-14T12:00:00.000Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/31368-oil-prices-climb-as-revised-iea-outlook-signals-tighter-market-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A tighter supply outlook from the IEA supports higher crude prices, which raises energy and transport costs for feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-08-31 | [OPEC+ sees tighter oil market until May 2022 \| Reuters](https://feedsoft.ai/events/45471-opec-sees-tighter-oil-market-until-may-2022-reuters.md) | -1.2% | +8.9% |
| WTI | 2018-01-19 | [IEA Sees Oil Markets Tightening as PDVSA Output](https://feedsoft.ai/events/66904-iea-sees-oil-markets-tightening-as-pdvsa-output.md) | +2.5% | -3.9% |
| WTI | 2023-09-13 | [OPEC+ cuts to tighten oil market sharply in fourth quarter, IEA says \| Reuters](https://feedsoft.ai/events/34016-opec-cuts-to-tighten-oil-market-sharply-in-fourth-quarter-iea-says-reuters.md) | +2.6% | -3.3% |
| WTI | 2017-01-19 | [IEA: OPEC output cuts under scrutiny as market tightens](https://feedsoft.ai/events/72916-iea-opec-output-cuts-under-scrutiny-as-market-tightens.md) | +2.4% | +3.9% |
| WTI | 2024-12-28 | [Oil News: Crude Prices Climb on U.S. Stock Draw and China Demand Outlook](https://feedsoft.ai/events/27121-oil-news-crude-prices-climb-on-u-s-stock-draw-and-china-demand-outlook.md) | +4.2% | +4.2% |
| BRENT | 2018-01-19 | [IEA Sees Oil Markets Tightening as PDVSA Output](https://feedsoft.ai/events/66904-iea-sees-oil-markets-tightening-as-pdvsa-output.md) | +2.0% | -8.4% |
| BRENT | 2021-08-31 | [OPEC+ sees tighter oil market until May 2022 \| Reuters](https://feedsoft.ai/events/45471-opec-sees-tighter-oil-market-until-may-2022-reuters.md) | -0.4% | +8.7% |
| BRENT | 2023-09-13 | [OPEC+ cuts to tighten oil market sharply in fourth quarter, IEA says \| Reuters](https://feedsoft.ai/events/34016-opec-cuts-to-tighten-oil-market-sharply-in-fourth-quarter-iea-says-reuters.md) | +2.6% | -3.9% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-underpinned-by-us-inventory-data-attacks-russian-refineries-2024-03-14/

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