# Oil prices hit multi-month highs on tightening supply

> Oil prices rose to multi-month highs as supply tightened. Saudi Arabia is expected to extend its 1 million bpd voluntary cut into September, and OPEC output fell 840,000 bpd in July according to a Reuters survey.

- Date: 2023-07-31 · published 2023-07-31T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/34944-oil-prices-hit-multi-month-highs-on-tightening-supply
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Tighter crude supply lifts diesel and energy costs, which raises freight and processing expenses for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Sources

- cnbc.com: https://www.cnbc.com/2023/07/31/oil-on-track-for-biggest-monthly-gains-in-over-a-year.html
- reuters.com: https://www.reuters.com/markets/commodities/oil-track-biggest-monthly-gains-over-year-2023-07-31/

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