# Oil rises to 3-week highs as OPEC+ agrees to deep cuts, U.S. stockpiles fall | Reuters

> Oil prices rose to three-week highs on Wednesday after OPEC+ agreed to its deepest output cuts since 2020. U.S. government data also showed crude and fuel stocks fell last week.

- Date: 2022-10-05 · published 2022-10-05T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/39283-oil-rises-to-3-week-highs-as-opec-agrees-to-deep-cuts-u-s-stockpiles-fall
- 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

The 2 million bpd OPEC+ cut tightens global crude supply, supporting higher energy and diesel costs that feed into feed production and freight.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-02-02 | [Oil edges higher after OPEC+ keeps to steady supply bump, U.S. stockpiles draw \| Reuters](https://feedsoft.ai/events/42628-oil-edges-higher-after-opec-keeps-to-steady-supply-bump-u-s-stockpiles-draw.md) | +1.3% | +25.5% |
| WTI | 2022-10-04 | [OPEC+ agrees deep oil production cuts, Biden calls it shortsighted \| Reuters](https://feedsoft.ai/events/39055-opec-agrees-deep-oil-production-cuts-biden-calls-it-shortsighted-reuters.md) | +9.0% | +3.1% |
| WTI | 2022-10-01 | [Oil up nearly 3% as OPEC+ agrees to small oil output cut](https://feedsoft.ai/events/39515-oil-up-nearly-3-as-opec-agrees-to-small-oil-output-cut.md) | +16.5% | +10.2% |
| 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 | 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 | [Oil edges higher after OPEC+ keeps to steady supply bump, U.S. stockpiles draw \| Reuters](https://feedsoft.ai/events/42628-oil-edges-higher-after-opec-keeps-to-steady-supply-bump-u-s-stockpiles-draw.md) | +4.1% | +20.3% |
| BRENT | 2022-10-04 | [OPEC+ agrees deep oil production cuts, Biden calls it shortsighted \| Reuters](https://feedsoft.ai/events/39055-opec-agrees-deep-oil-production-cuts-biden-calls-it-shortsighted-reuters.md) | +7.7% | +4.8% |
| BRENT | 2022-10-01 | [Oil up nearly 3% as OPEC+ agrees to small oil output cut](https://feedsoft.ai/events/39515-oil-up-nearly-3-as-opec-agrees-to-small-oil-output-cut.md) | +11.3% | +7.7% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-climbs-ahead-opec-talks-supply-cut-2022-10-05/

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