# Oil jumps 4% to 5-week high lifted by OPEC+ output cut

> Oil prices jumped about 4% to a five-week high on Friday after an OPEC+ decision to cut output. Brent settled at $97.92 and WTI at $92.64.

- Date: 2022-10-07 · published 2022-10-07T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/39281-oil-jumps-4-to-5-week-high-lifted-by-opec-output-cut
- 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

OPEC+ production cuts tighten crude supply and raise energy and freight costs, which push up input costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-06-22 | [Oil jumps as OPEC agrees to modest output hikes - The Globe and Mail](https://feedsoft.ai/events/11573-oil-jumps-as-opec-agrees-to-modest-output-hikes-the-globe-and-mail.md) | +11.9% | +7.2% |
| WTI | 2016-11-30 | [Saudis to cut oil output by 0.5 million bpd in OPEC deal: source](https://feedsoft.ai/events/73785-saudis-to-cut-oil-output-by-0-5-million-bpd-in-opec-deal-source.md) | +12.5% | +19.3% |
| WTI | 2017-12-01 | [Oil near 2½-year highs after OPEC extends output cuts](https://feedsoft.ai/events/67641-oil-near-21-2-year-highs-after-opec-extends-output-cuts.md) | -1.5% | +5.3% |
| WTI | 2019-12-05 | [OPEC, allies agree to deepen oil output cuts](https://feedsoft.ai/events/55490-opec-allies-agree-to-deepen-oil-output-cuts.md) | +0.5% | +4.7% |
| WTI | 2019-11-21 | [Oil Prices Surge as OPEC Looks to Cut Output \| INN](https://feedsoft.ai/events/56233-oil-prices-surge-as-opec-looks-to-cut-output-inn.md) | +2.2% | +7.8% |
| BRENT | 2018-06-22 | [Oil jumps as OPEC agrees to modest output hikes - The Globe and Mail](https://feedsoft.ai/events/11573-oil-jumps-as-opec-agrees-to-modest-output-hikes-the-globe-and-mail.md) | +5.6% | -1.0% |
| BRENT | 2016-11-30 | [Saudis to cut oil output by 0.5 million bpd in OPEC deal: source](https://feedsoft.ai/events/73785-saudis-to-cut-oil-output-by-0-5-million-bpd-in-opec-deal-source.md) | +16.7% | +22.1% |
| BRENT | 2017-12-01 | [Oil near 2½-year highs after OPEC extends output cuts](https://feedsoft.ai/events/67641-oil-near-21-2-year-highs-after-opec-extends-output-cuts.md) | -2.0% | +4.9% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-extend-gains-after-opec-output-cut-plan-2022-10-07/

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