# WTI, Brent Notch 15% Monthly Gain on Tightening OPEC-Plus Supply

> WTI and Brent settled July with gains of about 15%, the largest monthly rise since January 2022. Gains were driven by expected tighter supply from Saudi Arabia and Russia, with Saudi Arabia expected to roll its unilateral cut into September.

- Date: 2023-07-31 · published 2023-07-31T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/35200-wti-brent-notch-15-monthly-gain-on-tightening-opec-plus-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

Sustained crude strength lifts diesel and fuel costs for feed logistics and can support biofuel-linked vegetable oil demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: 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 | 2023-08-01 | [Oil posts fifth week of gains on signals of tighter supply](https://feedsoft.ai/events/35196-oil-posts-fifth-week-of-gains-on-signals-of-tighter-supply.md) | +0.2% | -1.6% |
| WTI | 2024-01-26 | [Crude oil prices today: WTI, Brent on pace for weekly gain](https://feedsoft.ai/events/32275-crude-oil-prices-today-wti-brent-on-pace-for-weekly-gain.md) | -4.6% | -0.6% |
| WTI | 2021-05-31 | [Canadian dollar on track for monthly gain as current account swings to surplus - The Globe and Mail](https://feedsoft.ai/events/47327-canadian-dollar-on-track-for-monthly-gain-as-current-account-swings-to-surplus.md) | +4.4% | +10.0% |
| WTI | 2016-11-30 | [Dollar surges to 8-1/2-month high against yen on OPEC deal](https://feedsoft.ai/events/74079-dollar-surges-to-8-1-2-month-high-against-yen-on-opec-deal.md) | +12.5% | +19.3% |
| 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 | 2023-08-01 | [Oil posts fifth week of gains on signals of tighter supply](https://feedsoft.ai/events/35196-oil-posts-fifth-week-of-gains-on-signals-of-tighter-supply.md) | +0.6% | -0.6% |
| BRENT | 2024-01-26 | [Crude oil prices today: WTI, Brent on pace for weekly gain](https://feedsoft.ai/events/32275-crude-oil-prices-today-wti-brent-on-pace-for-weekly-gain.md) | -2.4% | +2.9% |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/world-policy/article/2023/07/31/wti-brent-extend-rally-traders-look

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