# Oil Supply Prices: Oil prices up on tighter supply, China PMI in focus, ETAuto

> Oil prices rose on August 31 on tighter-than-expected U.S. crude supplies and a military coup in Gabon, an OPEC member. Analysts also expected Saudi Arabia to extend its 1 million bpd voluntary cut for a third month. Focus shifted to China's factory data later that day.

- Date: 2023-08-31 · published 2023-08-31T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/34759-oil-supply-prices-oil-prices-up-on-tighter-supply-china-pmi-in-focus-etauto
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Supply disruption fears from the Gabon coup and continued OPEC+ restraint support crude prices, which raise input costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-09-19 | [Oil prices rise as Saudi supply risks come into focus](https://feedsoft.ai/events/57239-oil-prices-rise-as-saudi-supply-risks-come-into-focus.md) | -3.0% | -8.2% |
| WTI | 2019-03-01 | [Oil prices rise as markets tighten due to OPEC supply cuts](https://feedsoft.ai/events/60286-oil-prices-rise-as-markets-tighten-due-to-opec-supply-cuts.md) | -1.0% | +3.6% |
| WTI | 2024-01-03 | [Oil prices settle up 3% on supply concerns after oilfield shutdown in Libya](https://feedsoft.ai/events/32314-oil-prices-settle-up-3-on-supply-concerns-after-oilfield-shutdown-in-libya.md) | +2.6% | +7.9% |
| WTI | 2022-08-29 | [Oil prices climb on OPEC supply cut prospect, rise in demand](https://feedsoft.ai/events/40197-oil-prices-climb-on-opec-supply-cut-prospect-rise-in-demand.md) | -6.7% | -17.6% |
| WTI | 2018-08-28 | [Oil prices rise on expectations of tightening market on supply risks, ETEnergyworld](https://feedsoft.ai/events/63701-oil-prices-rise-on-expectations-of-tightening-market-on-supply-risks.md) | +0.3% | +4.9% |
| BRENT | 2019-09-19 | [Oil prices rise as Saudi supply risks come into focus](https://feedsoft.ai/events/57239-oil-prices-rise-as-saudi-supply-risks-come-into-focus.md) | -2.4% | -7.2% |
| BRENT | 2019-03-01 | [Oil prices rise as markets tighten due to OPEC supply cuts](https://feedsoft.ai/events/60286-oil-prices-rise-as-markets-tighten-due-to-opec-supply-cuts.md) | +0.0% | +2.2% |
| BRENT | 2024-01-03 | [Oil prices settle up 3% on supply concerns after oilfield shutdown in Libya](https://feedsoft.ai/events/32314-oil-prices-settle-up-3-on-supply-concerns-after-oilfield-shutdown-in-libya.md) | +2.3% | +9.8% |

## Sources

- auto.economictimes.indiatimes.com: https://auto.economictimes.indiatimes.com/news/oil-and-lubes/oil-prices-up-on-tighter-supply-china-pmi-in-focus/103233061

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