# Oil rises to highest in over seven months on supply worries

> Oil rose to its highest level in over seven months on supply concerns. Reuters reports that Saudi Arabia was widely expected to extend its 1 million barrel per day voluntary cut into October, prolonging OPEC+ supply curbs. The cut was the main driver of the rally.

- Date: 2023-09-01 · published 2023-09-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/34022-oil-rises-to-highest-in-over-seven-months-on-supply-worries
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Expectations of continued OPEC+ restraint support higher crude prices, which feed into diesel, freight and fertilizer costs. Rising energy prices can also support biofuel-linked demand for vegetable oils and corn.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-10-01 | [OPEC Raises Oil Production To Highest Level In Years](https://feedsoft.ai/events/39753-opec-raises-oil-production-to-highest-level-in-years.md) | +11.3% | +7.7% |
| BRENT | 2019-01-03 | [Oil rises in choppy trade as OPEC supply cuts vie with demand worry](https://feedsoft.ai/events/10830-oil-rises-in-choppy-trade-as-opec-supply-cuts-vie-with-demand-worry.md) | +10.9% | +13.4% |
| BRENT | 2021-10-04 | [OPEC+ sticks to gradual monthly supply hikes \| Oil & Gas Journal](https://feedsoft.ai/events/44445-opec-sticks-to-gradual-monthly-supply-hikes-oil-and-gas-journal.md) | +3.7% | +5.5% |
| BRENT | 2022-09-09 | [Oil rises 4% on supply threats, still set for weekly drop \| Reuters](https://feedsoft.ai/events/39767-oil-rises-4-on-supply-threats-still-set-for-weekly-drop-reuters.md) | +1.7% | +7.3% |
| BRENT | 2022-09-19 | [Oil edges up as supply woes outweigh demand and rate hike worries \| Reuters](https://feedsoft.ai/events/39750-oil-edges-up-as-supply-woes-outweigh-demand-and-rate-hike-worries-reuters.md) | -5.7% | +1.7% |
| WTI | 2022-10-01 | [OPEC Raises Oil Production To Highest Level In Years](https://feedsoft.ai/events/39753-opec-raises-oil-production-to-highest-level-in-years.md) | +16.5% | +10.2% |
| WTI | 2019-01-03 | [Oil rises in choppy trade as OPEC supply cuts vie with demand worry](https://feedsoft.ai/events/10830-oil-rises-in-choppy-trade-as-opec-supply-cuts-vie-with-demand-worry.md) | +12.6% | +16.8% |
| WTI | 2021-10-04 | [OPEC+ sticks to gradual monthly supply hikes \| Oil & Gas Journal](https://feedsoft.ai/events/44445-opec-sticks-to-gradual-monthly-supply-hikes-oil-and-gas-journal.md) | +4.6% | +9.9% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-set-snap-two-week-losing-streak-tightening-supplies-2023-09-01/

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