# Oil settles lower as markets weigh Russian supply woes

> Oil prices edged lower after Russia's government ordered companies to cut output in the second quarter. The cut is meant to meet a 9 million bpd target under its OPEC+ pledges.

- Date: 2024-03-26 · published 2024-03-26T12:00:00.000Z
- Category: policy · region Russia · magnitude low
- Page: https://feedsoft.ai/events/31369-oil-settles-lower-as-markets-weigh-russian-supply-woes
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Russian output cuts tighten supply, which partly offsets the price-easing effect of the market's reaction and keeps crude costs elevated for feed production.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-11-01 | [Oil settles lower as OPEC plans to increase oil output](https://feedsoft.ai/events/22562-oil-settles-lower-as-opec-plans-to-increase-oil-output.md) | -2.0% | -3.4% |
| WTI | 2020-08-03 | [Oil falls on supply glut fears as OPEC+ set to boost output - Markets - Business Recorder](https://feedsoft.ai/events/51785-oil-falls-on-supply-glut-fears-as-opec-set-to-boost-output-markets-business.md) | +2.5% | +7.0% |
| WTI | 2024-09-27 | [Oil settles higher but falls on the week on firmer supply outlook](https://feedsoft.ai/events/28239-oil-settles-higher-but-falls-on-the-week-on-firmer-supply-outlook.md) | +8.9% | +3.5% |
| WTI | 2023-11-30 | [Oil prices fall amid skepticism on OPEC+ supply cuts - Markets - Business Recorder](https://feedsoft.ai/events/33371-oil-prices-fall-amid-skepticism-on-opec-supply-cuts-markets-business-recorder.md) | -11.0% | -7.4% |
| WTI | 2019-08-20 | [Managing oil supply \| Oil & Gas Journal](https://feedsoft.ai/events/57505-managing-oil-supply-oil-and-gas-journal.md) | -4.7% | +12.1% |
| BRENT | 2025-11-01 | [Oil settles lower as OPEC plans to increase oil output](https://feedsoft.ai/events/22562-oil-settles-lower-as-opec-plans-to-increase-oil-output.md) | -2.4% | -2.5% |
| BRENT | 2020-08-03 | [Oil falls on supply glut fears as OPEC+ set to boost output - Markets - Business Recorder](https://feedsoft.ai/events/51785-oil-falls-on-supply-glut-fears-as-opec-set-to-boost-output-markets-business.md) | +2.4% | +4.4% |
| BRENT | 2024-09-27 | [Oil settles higher but falls on the week on firmer supply outlook](https://feedsoft.ai/events/28239-oil-settles-higher-but-falls-on-the-week-on-firmer-supply-outlook.md) | +7.3% | +2.8% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-prices-extend-upward-momentum-expectations-tighter-supply-2024-03-26/

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