# Oil prices gain 2% on falling U.S. stockpiles, Saudi warning | Reuters

> Oil prices rose about 2% on May 24, with Brent settling at $78.36 a barrel after a large unexpected drawdown in US crude inventories. Saudi Arabia's energy minister warned speculators of more pain, raising the prospect of further OPEC+ production cuts.

- Date: 2023-05-24 · published 2023-05-24T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/36100-oil-prices-gain-2-on-falling-u-s-stockpiles-saudi-warning-reuters
- 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 US crude stocks and the possibility of deeper OPEC+ output cuts point to firmer energy costs, which feed into diesel and freight expenses for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-11-10 | [Oil prices settle 1% higher on tepid U.S. inflation data \| Reuters](https://feedsoft.ai/events/38852-oil-prices-settle-1-higher-on-tepid-u-s-inflation-data-reuters.md) | -0.2% | -16.8% |
| WTI | 2026-03-20 | [Sterling dips as oil rises, still set for weekly gain on hawkish BoE \| Reuters](https://feedsoft.ai/events/20433-sterling-dips-as-oil-rises-still-set-for-weekly-gain-on-hawkish-boe-reuters.md) | -0.5% | -11.3% |
| WTI | 2024-08-22 | [Oil prices settle $1 up on hopes of a US Fed rate cut next month \| Reuters](https://feedsoft.ai/events/28696-oil-prices-settle-1-up-on-hopes-of-a-us-fed-rate-cut-next-month-reuters.md) | +3.7% | +0.1% |
| WTI | 2024-01-18 | [Oil prices rise on global demand forecasts, US crude stock draw](https://feedsoft.ai/events/32278-oil-prices-rise-on-global-demand-forecasts-us-crude-stock-draw.md) | +3.6% | +5.8% |
| WTI | 2017-08-04 | [Oil prices rise after strong US jobs data; rising exports cap gains](https://feedsoft.ai/events/69651-oil-prices-rise-after-strong-us-jobs-data-rising-exports-cap-gains.md) | -1.0% | -3.6% |
| BRENT | 2022-11-10 | [Oil prices settle 1% higher on tepid U.S. inflation data \| Reuters](https://feedsoft.ai/events/38852-oil-prices-settle-1-higher-on-tepid-u-s-inflation-data-reuters.md) | -0.1% | -16.9% |
| BRENT | 2024-08-22 | [Oil prices settle $1 up on hopes of a US Fed rate cut next month \| Reuters](https://feedsoft.ai/events/28696-oil-prices-settle-1-up-on-hopes-of-a-us-fed-rate-cut-next-month-reuters.md) | +2.5% | -4.3% |
| BRENT | 2024-01-18 | [Oil prices rise on global demand forecasts, US crude stock draw](https://feedsoft.ai/events/32278-oil-prices-rise-on-global-demand-forecasts-us-crude-stock-draw.md) | +3.5% | +5.9% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-prices-rise-concerns-over-tightening-supply-2023-05-24/

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