# Oil jumps nearly 4% on possible OPEC+ supply tightening | Reuters

> Oil prices jumped nearly 4% on expectations OPEC+ could tighten supply, after a period of declines driven by possible resumption of Iranian crude and recession fears. Weekly builds at a U.S. crude hub and refinery maintenance had pushed prices lower in recent weeks.

- Date: 2022-08-23 · published 2022-08-23T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/40192-oil-jumps-nearly-4-on-possible-opec-supply-tightening-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Higher crude prices raise energy and fertilizer input costs and can lift biofuel economics, supporting vegetable oil and grain prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-07-31 | [WTI, Brent Notch 15% Monthly Gain on Tightening OPEC-Plus Supply](https://feedsoft.ai/events/35200-wti-brent-notch-15-monthly-gain-on-tightening-opec-plus-supply.md) | +2.8% | -0.4% |
| WTI | 2024-04-03 | [BofA hikes 2024 oil forecasts on tighter supply, geopolitical risks \| Reuters](https://feedsoft.ai/events/30900-bofa-hikes-2024-oil-forecasts-on-tighter-supply-geopolitical-risks-reuters.md) | +0.1% | -3.2% |
| WTI | 2023-08-01 | [Oil posts fifth week of gains on signals of tighter supply](https://feedsoft.ai/events/35196-oil-posts-fifth-week-of-gains-on-signals-of-tighter-supply.md) | +0.2% | -1.6% |
| WTI | 2021-03-08 | [VEGOILS-Palm oil rises nearly 4% to two-month high as crude, soyoil rally By Reuters](https://feedsoft.ai/events/6562-vegoils-palm-oil-rises-nearly-4-to-two-month-high-as-crude-soyoil-rally-by.md) | -0.7% | -11.2% |
| WTI | 2021-02-15 | [VEGOILS-Palm reverses losses, up 2% on crude oil jump By Reuters](https://feedsoft.ai/events/48725-vegoils-palm-reverses-losses-up-2-on-crude-oil-jump-by-reuters.md) | +3.6% | +9.9% |
| BRENT | 2023-07-31 | [WTI, Brent Notch 15% Monthly Gain on Tightening OPEC-Plus Supply](https://feedsoft.ai/events/35200-wti-brent-notch-15-monthly-gain-on-tightening-opec-plus-supply.md) | +2.4% | +0.2% |
| BRENT | 2024-04-03 | [BofA hikes 2024 oil forecasts on tighter supply, geopolitical risks \| Reuters](https://feedsoft.ai/events/30900-bofa-hikes-2024-oil-forecasts-on-tighter-supply-geopolitical-risks-reuters.md) | +2.8% | -0.3% |
| BRENT | 2023-08-01 | [Oil posts fifth week of gains on signals of tighter supply](https://feedsoft.ai/events/35196-oil-posts-fifth-week-of-gains-on-signals-of-tighter-supply.md) | +0.6% | -0.6% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-rise-after-saudi-says-opec-could-cut-output-2022-08-23/

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