# Oil up in tight market as U.S. sets release of more reserves | Reuters

> Oil prices rose on Wednesday as tightening supply outweighed uncertain demand. The U.S. announced a further release of strategic reserves, and Brent for December settlement gained $2.38 to about $92 a barrel.

- Date: 2022-10-19 · published 2022-10-19T12:00:00.000Z
- Category: policy · region US · magnitude low
- Page: https://feedsoft.ai/events/39280-oil-up-in-tight-market-as-u-s-sets-release-of-more-reserves-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Supply tightness pushes energy costs higher, lifting diesel and transport expenses for feed makers, though the SPR release partly offsets the rise.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-02-02 | [With oil markets tightening, OPEC and its allies agree to a small increase in output.](https://feedsoft.ai/events/42629-with-oil-markets-tightening-opec-and-its-allies-agree-to-a-small-increase-in.md) | +1.3% | +25.5% |
| WTI | 2016-11-30 | [Oil Up 7 Percent as Market Awaits Details of First OPEC Production Cut in Eight Years](https://feedsoft.ai/events/74004-oil-up-7-percent-as-market-awaits-details-of-first-opec-production-cut-in-eight.md) | +12.5% | +19.3% |
| WTI | 2021-01-06 | [Swinging again, Saudi Arabia sacrifices market share to protect oil price: Kemp \| Reuters](https://feedsoft.ai/events/49054-swinging-again-saudi-arabia-sacrifices-market-share-to-protect-oil-price-kemp.md) | +6.6% | +11.7% |
| WTI | 2023-12-01 | [Oil Futures Lower as Market Ponders OPEC Cuts](https://feedsoft.ai/events/32494-oil-futures-lower-as-market-ponders-opec-cuts.md) | -8.8% | -5.2% |
| WTI | 2021-12-01 | [Oil rises 3% to one-week high after U.S. taps emergency reserves](https://feedsoft.ai/events/44220-oil-rises-3-to-one-week-high-after-u-s-taps-emergency-reserves.md) | +8.8% | +15.8% |
| BRENT | 2022-02-02 | [With oil markets tightening, OPEC and its allies agree to a small increase in output.](https://feedsoft.ai/events/42629-with-oil-markets-tightening-opec-and-its-allies-agree-to-a-small-increase-in.md) | +4.1% | +20.3% |
| BRENT | 2016-11-30 | [Oil Up 7 Percent as Market Awaits Details of First OPEC Production Cut in Eight Years](https://feedsoft.ai/events/74004-oil-up-7-percent-as-market-awaits-details-of-first-opec-production-cut-in-eight.md) | +16.7% | +22.1% |
| BRENT | 2021-01-06 | [Swinging again, Saudi Arabia sacrifices market share to protect oil price: Kemp \| Reuters](https://feedsoft.ai/events/49054-swinging-again-saudi-arabia-sacrifices-market-share-to-protect-oil-price-kemp.md) | +5.4% | +7.8% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-rise-supply-woes-2022-10-19/

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