# Oil posts fifth week of gains on signals of tighter supply

> Oil benchmarks gained nearly 5% for the week, marking a fifth straight weekly gain. Gains were attributed to OPEC+ supply cuts announced earlier in the month, and the benchmarks were on track to gain over 13% for the month.

- Date: 2023-08-01 · published 2023-08-01T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/35196-oil-posts-fifth-week-of-gains-on-signals-of-tighter-supply
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Tighter crude supply lifts diesel and energy input costs, which feeds through to freight, fertilizer and processing costs for feed ingredients and can pull vegetable oil and biofuel-linked prices higher.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-08-23 | [Oil jumps nearly 4% on possible OPEC+ supply tightening \| Reuters](https://feedsoft.ai/events/40192-oil-jumps-nearly-4-on-possible-opec-supply-tightening-reuters.md) | +5.3% | -8.4% |
| WTI | 2024-04-03 | [BofA hikes 2024 oil forecasts on tighter supply, geopolitical risks \| Reuters](https://feedsoft.ai/events/30900-bofa-hikes-2024-oil-forecasts-on-tighter-supply-geopolitical-risks-reuters.md) | +0.1% | -3.2% |
| 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 | 2023-05-26 | [Chile's peso leads gains on copper price boost, Mexico's peso at one-week high \| Financial Post](https://feedsoft.ai/events/36163-chile-s-peso-leads-gains-on-copper-price-boost-mexico-s-peso-at-one-week-high.md) | +0.0% | -3.6% |
| WTI | 2021-10-15 | [Oil prices rise to three-year high on back of supply deficit forecasts](https://feedsoft.ai/events/44716-oil-prices-rise-to-three-year-high-on-back-of-supply-deficit-forecasts.md) | +1.5% | +0.1% |
| BRENT | 2022-08-23 | [Oil jumps nearly 4% on possible OPEC+ supply tightening \| Reuters](https://feedsoft.ai/events/40192-oil-jumps-nearly-4-on-possible-opec-supply-tightening-reuters.md) | +7.6% | -5.3% |
| BRENT | 2024-04-03 | [BofA hikes 2024 oil forecasts on tighter supply, geopolitical risks \| Reuters](https://feedsoft.ai/events/30900-bofa-hikes-2024-oil-forecasts-on-tighter-supply-geopolitical-risks-reuters.md) | +2.8% | -0.3% |
| 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-open-lower-demand-concerns-remain-track-weekly-gain-2023-07-28/

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