# Oil Rises on Gabon Supply Fears, US Crude Inventories Draw | Business Post Nigeria

> Oil prices gained on August 31 after a military takeover in Gabon, a small OPEC producer of about 200,000 bpd, and a 10.6 million barrel U.S. crude inventory draw. Hurricane Idalia also led Chevron to suspend operations at three Gulf of Mexico platforms.

- Date: 2023-08-31 · published 2023-08-31T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/34760-oil-rises-on-gabon-supply-fears-us-crude-inventories-draw-business-post-nigeria
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Coup-related supply risk and Gulf of Mexico disruptions tighten near-term crude supply, supporting higher energy costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-03-30 | [Oil rises over 1% on Iraqi supply risks, U.S. crude draw \| Reuters](https://feedsoft.ai/events/36774-oil-rises-over-1-on-iraqi-supply-risks-u-s-crude-draw-reuters.md) | +10.6% | +2.5% |
| WTI | 2024-10-30 | [Crude Oil Jumps on Middle East Tensions and an Unexpected Draw in EIA Inventories](https://feedsoft.ai/events/28034-crude-oil-jumps-on-middle-east-tensions-and-an-unexpected-draw-in-eia.md) | +7.1% | +2.3% |
| WTI | 2018-09-27 | [Oil rises as investors fret over Iranian supply gaps](https://feedsoft.ai/events/63232-oil-rises-as-investors-fret-over-iranian-supply-gaps.md) | +6.1% | -7.4% |
| WTI | 2024-12-03 | [Oil rises on fears about Lebanon, further OPEC+ supply cuts \| Reuters](https://feedsoft.ai/events/27114-oil-rises-on-fears-about-lebanon-further-opec-supply-cuts-reuters.md) | +0.4% | +5.8% |
| WTI | 2018-06-27 | [Oil rises on supply losses, US push to isolate Iran](https://feedsoft.ai/events/8779-oil-rises-on-supply-losses-us-push-to-isolate-iran.md) | +0.7% | -4.2% |
| BRENT | 2023-03-30 | [Oil rises over 1% on Iraqi supply risks, U.S. crude draw \| Reuters](https://feedsoft.ai/events/36774-oil-rises-over-1-on-iraqi-supply-risks-u-s-crude-draw-reuters.md) | +9.7% | +1.7% |
| BRENT | 2018-09-27 | [Oil rises as investors fret over Iranian supply gaps](https://feedsoft.ai/events/63232-oil-rises-as-investors-fret-over-iranian-supply-gaps.md) | +5.2% | -5.9% |
| BRENT | 2024-12-03 | [Oil rises on fears about Lebanon, further OPEC+ supply cuts \| Reuters](https://feedsoft.ai/events/27114-oil-rises-on-fears-about-lebanon-further-opec-supply-cuts-reuters.md) | +0.8% | +3.2% |

## Sources

- businesspost.ng: https://businesspost.ng/economy/oil-rises-on-gabon-supply-fears-us-crude-inventories-draw/

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