# Oil climbs over 2% as OPEC seen deepening cuts

> Oil prices climbed over 2% on Nov 20 on expectations that OPEC would deepen cuts. Prices had fallen almost 20% since late September as US output held at record highs and demand concerns grew, especially from China.

- Date: 2023-11-20 · published 2023-11-20T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/33340-oil-climbs-over-2-as-opec-seen-deepening-cuts
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected OPEC cuts support crude, but record US supply and China demand worries cap prices, which matters for diesel costs and biofuel margins.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-extends-gains-opec-mull-deeper-cuts-2023-11-20/

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