# Oil edges up as supply woes outweigh demand and rate hike worries | Reuters

> Oil edged up on Monday as supply worries outweighed demand fears tied to a strong dollar and possible large rate increases. OPEC+ missed its August production target by 3.583 million bpd, according to an internal document.

- Date: 2022-09-19 · published 2022-09-19T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/39750-oil-edges-up-as-supply-woes-outweigh-demand-and-rate-hike-worries-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

OPEC+ underproduction keeps crude supply tight, which supports energy costs for feed producers and biofuel feedstock values. Demand concerns limit the upside.

## Read by commodity

- WTI: bullish ▲
- BRENT: 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 | 2022-07-29 | [Oil up over $2 per barrel as hopes fade for OPEC+ supply boost \| Reuters](https://feedsoft.ai/events/40404-oil-up-over-2-per-barrel-as-hopes-fade-for-opec-supply-boost-reuters.md) | -8.0% | -5.2% |
| WTI | 2019-01-03 | [Oil rises in choppy trade as OPEC supply cuts vie with demand worry](https://feedsoft.ai/events/10830-oil-rises-in-choppy-trade-as-opec-supply-cuts-vie-with-demand-worry.md) | +12.6% | +16.8% |
| WTI | 2019-02-28 | [How OPEC's refusal to ease supply hike oil prices \| Daily Times Nigeria News - Nigeria and World NewsDAILY TIMES Nigeria](https://feedsoft.ai/events/60763-how-opec-s-refusal-to-ease-supply-hike-oil-prices-daily-times-nigeria-news.md) | -1.2% | +4.3% |
| WTI | 2023-09-01 | [Oil rises to highest in over seven months on supply worries](https://feedsoft.ai/events/34022-oil-rises-to-highest-in-over-seven-months-on-supply-worries.md) | +4.7% | +8.6% |
| 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 | 2022-07-29 | [Oil up over $2 per barrel as hopes fade for OPEC+ supply boost \| Reuters](https://feedsoft.ai/events/40404-oil-up-over-2-per-barrel-as-hopes-fade-for-opec-supply-boost-reuters.md) | -11.4% | -8.6% |
| BRENT | 2019-01-03 | [Oil rises in choppy trade as OPEC supply cuts vie with demand worry](https://feedsoft.ai/events/10830-oil-rises-in-choppy-trade-as-opec-supply-cuts-vie-with-demand-worry.md) | +10.9% | +13.4% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-climb-weak-dollar-supply-concerns-2022-09-19/

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