# Oil slips after hitting $90/bbl as OPEC+ considers output cut

> Brent settled at $88.49 a barrel after touching $90.12 on Sept 28, while US crude ended at $81.23. Traders awaited clarity on possible OPEC+ output cuts discussed ahead of the Oct. 5 meeting.

- Date: 2022-09-29 · published 2022-09-29T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/39760-oil-slips-after-hitting-90-bbl-as-opec-considers-output-cut
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Talk of an OPEC+ cut tightens the expected supply surplus and supports crude prices, though a strong dollar limits gains. Feed buyers face higher diesel and freight costs that feed into grain and oilseed logistics.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-11-30 | [OPEC Oil Output Slips Before Vienna Meeting](https://feedsoft.ai/events/56230-opec-oil-output-slips-before-vienna-meeting.md) | +3.1% | +7.7% |
| 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% |
| BRENT | 2023-04-02 | [Oil leaps 6% as OPEC+ shocks markets by cutting output target](https://feedsoft.ai/events/7946-oil-leaps-6-as-opec-shocks-markets-by-cutting-output-target.md) | +7.4% | +1.0% |
| BRENT | 2016-12-01 | [Oil soars, Brent hits 16-month high after OPEC output deal \| Reuters](https://feedsoft.ai/events/9699-oil-soars-brent-hits-16-month-high-after-opec-output-deal-reuters.md) | +6.6% | +12.9% |
| BRENT | 2024-04-03 | [OPEC+ keeps output policy steady as oil nears $90 a barrel](https://feedsoft.ai/events/30641-opec-keeps-output-policy-steady-as-oil-nears-90-a-barrel.md) | +2.8% | -0.3% |
| WTI | 2019-11-30 | [OPEC Oil Output Slips Before Vienna Meeting](https://feedsoft.ai/events/56230-opec-oil-output-slips-before-vienna-meeting.md) | +3.6% | +8.1% |
| 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 | 2023-04-02 | [Oil leaps 6% as OPEC+ shocks markets by cutting output target](https://feedsoft.ai/events/7946-oil-leaps-6-as-opec-shocks-markets-by-cutting-output-target.md) | +5.4% | -0.0% |

## Sources

- cnbc.com: https://www.cnbc.com/2022/09/29/oil-markets-strong-dollar-economic-concerns-demand-recession.html

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