# Oil prices fall amid skepticism on OPEC+ supply cuts - Markets - Business Recorder

> Oil prices fell on Thursday after OPEC+ producers agreed voluntary cuts approaching 2 million bpd, with each country announcing its share separately. Brent February futures fell 3.1% and WTI fell 3.4%, both down about 9% on the month for WTI.

- Date: 2023-11-30 · published 2023-11-30T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/33371-oil-prices-fall-amid-skepticism-on-opec-supply-cuts-markets-business-recorder
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Traders doubted the cuts would add meaningfully to supply restraint, so the drop reduces near-term energy cost pressure on feed operations. The reaction also suggests price support will depend on follow-through from producers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2022-04-01 | [Palm falls 3pc as India extends stock limit - Markets - Business Recorder](https://feedsoft.ai/events/5914-palm-falls-3pc-as-india-extends-stock-limit-markets-business-recorder.md) | -4.4% | +4.2% |
| WTI | 2021-06-30 | [OPEC+ may extend oil supply cuts amid warning of glut, sources say \| Financial Post](https://feedsoft.ai/events/46498-opec-may-extend-oil-supply-cuts-amid-warning-of-glut-sources-say-financial-post.md) | -1.2% | -1.0% |
| WTI | 2022-03-09 | [Oil prices tumble after UAE says it wants OPEC to increase production \| CNN Business](https://feedsoft.ai/events/5821-oil-prices-tumble-after-uae-says-it-wants-opec-to-increase-production-cnn.md) | -22.0% | -17.5% |
| WTI | 2021-07-18 | [OPEC, allies agree to boost supply, gradually end oil production cuts](https://feedsoft.ai/events/45987-opec-allies-agree-to-boost-supply-gradually-end-oil-production-cuts.md) | +0.6% | -4.7% |
| 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 | 2021-06-30 | [OPEC+ may extend oil supply cuts amid warning of glut, sources say \| Financial Post](https://feedsoft.ai/events/46498-opec-may-extend-oil-supply-cuts-amid-warning-of-glut-sources-say-financial-post.md) | +0.1% | -0.5% |
| BRENT | 2025-06-02 | [Soybean oil prices fall amid uncertainty over US biofuel market and falling oil prices, but India's tariff cuts will boost demand](https://feedsoft.ai/events/10948-soybean-oil-prices-fall-amid-uncertainty-over-us-biofuel-market-and-falling-oil.md) | +4.9% | +7.0% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40276087

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