# Oil falls on doubts OPEC+ will make further cuts

> Oil prices fell on December 4 on concerns about weaker demand and uncertainty over the depth and duration of OPEC+ supply cuts. Brent settled down 85 cents at $78.03 and WTI fell $1.03 to $73.04. The decline extended a 2% drop the previous week.

- Date: 2023-12-04 · published 2023-12-04T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/32910-oil-falls-on-doubts-opec-will-make-further-cuts
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Doubts about OPEC+ supply discipline and softer demand expectations weigh on crude, lowering energy costs for diesel and biofuel feedstocks. This reduces some cost support for vegetable oil and feed-related commodities.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2021-06-22 | [OPEC+ discusses further easing of oil cuts from August -sources \| Reuters](https://feedsoft.ai/events/46494-opec-discusses-further-easing-of-oil-cuts-from-august-sources-reuters.md) | +0.0% | -7.7% |
| BRENT | 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) | -10.5% | -5.2% |
| BRENT | 2019-05-28 | [OPEC+ Calls Time on Output Cuts — CEESA](https://feedsoft.ai/events/59243-opec-calls-time-on-output-cuts-ceesa.md) | -9.0% | -4.9% |
| BRENT | 2024-06-03 | [U.S. crude oil falls more than 3% as OPEC+ plans phasing out production cuts](https://feedsoft.ai/events/29656-u-s-crude-oil-falls-more-than-3-as-opec-plans-phasing-out-production-cuts.md) | -2.0% | +7.9% |
| BRENT | 2020-12-01 | [Oil slides as OPEC+ delays decision on output cuts](https://feedsoft.ai/events/49561-oil-slides-as-opec-delays-decision-on-output-cuts.md) | +3.2% | +7.5% |
| WTI | 2021-06-22 | [OPEC+ discusses further easing of oil cuts from August -sources \| Reuters](https://feedsoft.ai/events/46494-opec-discusses-further-easing-of-oil-cuts-from-august-sources-reuters.md) | -0.9% | -8.5% |
| 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 | 2019-05-28 | [OPEC+ Calls Time on Output Cuts — CEESA](https://feedsoft.ai/events/59243-opec-calls-time-on-output-cuts-ceesa.md) | -8.9% | -1.2% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-climbs-mideast-tension-back-focus-2023-12-04/

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