# Oil rises $3/bbl after Russia signals output cut due to price cap

> Brent settled at $83.92 and WTI at $79.56 after rising about 3% on signals that Russia may cut output in response to the price cap. Both benchmarks posted their biggest weekly gains since October.

- Date: 2022-12-23 · published 2022-12-23T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/38393-oil-rises-3-bbl-after-russia-signals-output-cut-due-to-price-cap
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A possible Russian supply cut tightens crude, which supports biofuel and vegetable oil economics and modestly lifts feed-cost sentiment through energy linkages.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-02-10 | [Russia announces cut to oil output over Western price caps \| AP News](https://feedsoft.ai/events/37493-russia-announces-cut-to-oil-output-over-western-price-caps-ap-news.md) | +0.5% | -1.9% |
| WTI | 2020-04-12 | [Record deal to cut oil output ends price war - BBC News](https://feedsoft.ai/events/53543-record-deal-to-cut-oil-output-ends-price-war-bbc-news.md) | -19.9% | +5.3% |
| WTI | 2020-04-09 | [Saudi Arabia and Russia end their oil-price war with output cut agreement](https://feedsoft.ai/events/53548-saudi-arabia-and-russia-end-their-oil-price-war-with-output-cut-agreement.md) | -20.7% | -1.1% |
| WTI | 2023-02-10 | [Russia to cut oil output by 500,000 bpd in March](https://feedsoft.ai/events/37488-russia-to-cut-oil-output-by-500-000-bpd-in-march.md) | +0.5% | -1.9% |
| WTI | 2019-03-01 | [Oil prices rise as markets tighten due to OPEC supply cuts](https://feedsoft.ai/events/60286-oil-prices-rise-as-markets-tighten-due-to-opec-supply-cuts.md) | -1.0% | +3.6% |
| BRENT | 2023-02-10 | [Russia announces cut to oil output over Western price caps \| AP News](https://feedsoft.ai/events/37493-russia-announces-cut-to-oil-output-over-western-price-caps-ap-news.md) | +0.6% | -3.2% |
| BRENT | 2020-04-12 | [Record deal to cut oil output ends price war - BBC News](https://feedsoft.ai/events/53543-record-deal-to-cut-oil-output-ends-price-war-bbc-news.md) | -6.7% | +8.6% |
| BRENT | 2022-03-02 | [Oil price rises again as buyers shun Russian crude](https://feedsoft.ai/events/9459-oil-price-rises-again-as-buyers-shun-russian-crude.md) | +21.0% | +3.3% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-climbs-expected-drop-russian-exports-offsets-us-storm-impact-2022-12-23/

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