# US crude futures climb over $2 per barrel, notch third monthly hike

> U.S. crude futures gained more than $2 a barrel on August 31, rising for a third straight month. Brent October expired up $1 at $86.86 and WTI October settled at $83.63. Traders expected OPEC+ cuts, led by Saudi Arabia, to continue through the end of 2023.

- Date: 2023-09-01 · published 2023-09-01T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/34754-us-crude-futures-climb-over-2-per-barrel-notch-third-monthly-hike
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected extension of OPEC+ output cuts tightens crude supply and supports higher diesel and energy costs, which feed into freight and fertilizer prices for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-01-26 | [Canadian dollar notches two-month high as stocks climb - Markets - Business Recorder](https://feedsoft.ai/events/38036-canadian-dollar-notches-two-month-high-as-stocks-climb-markets-business-recorder.md) | -4.4% | -5.8% |
| WTI | 2024-04-04 | [Brent Oil Futures Hit $90 a Barrel for First Time Since October - Bloomberg](https://feedsoft.ai/events/30897-brent-oil-futures-hit-90-a-barrel-for-first-time-since-october-bloomberg.md) | +0.9% | -6.8% |
| WTI | 2023-07-31 | [WTI, Brent Notch 15% Monthly Gain on Tightening OPEC-Plus Supply](https://feedsoft.ai/events/35200-wti-brent-notch-15-monthly-gain-on-tightening-opec-plus-supply.md) | +2.8% | -0.4% |
| WTI | 2026-05-22 | [S. Korea's currency hits 1 1/2-month low as oil prices climb \| Yonhap News Agency](https://feedsoft.ai/events/19515-s-korea-s-currency-hits-1-1-2-month-low-as-oil-prices-climb-yonhap-news-agency.md) | -8.2% | -17.5% |
| WTI | 2022-01-11 | [Canadian dollar climbs to 2-month high as oil prices jump](https://feedsoft.ai/events/43396-canadian-dollar-climbs-to-2-month-high-as-oil-prices-jump.md) | +9.3% | +14.3% |
| BRENT | 2020-05-26 | [Mexican Peso Hits Two Month High as Crude Rises Above $35](https://feedsoft.ai/events/53340-mexican-peso-hits-two-month-high-as-crude-rises-above-35.md) | +8.9% | +25.2% |
| BRENT | 2024-04-04 | [Brent Oil Futures Hit $90 a Barrel for First Time Since October - Bloomberg](https://feedsoft.ai/events/30897-brent-oil-futures-hit-90-a-barrel-for-first-time-since-october-bloomberg.md) | +1.2% | -7.2% |
| BRENT | 2023-07-31 | [WTI, Brent Notch 15% Monthly Gain on Tightening OPEC-Plus Supply](https://feedsoft.ai/events/35200-wti-brent-notch-15-monthly-gain-on-tightening-opec-plus-supply.md) | +2.4% | +0.2% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-up-tighter-supply-china-pmi-focus-2023-08-31/

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