# Oil prices climb on OPEC supply cut prospect, rise in demand

> Oil rose about 1% on Monday as expectations grew that OPEC would cut output if needed, alongside conflict in Libya and strong European fuel demand from gas-to-oil switching. Brent traded near $101.88 and WTI near $94.15.

- Date: 2022-08-29 · published 2022-08-29T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/40197-oil-prices-climb-on-opec-supply-cut-prospect-rise-in-demand
- 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

Expected OPEC supply cuts and firm European fuel demand support crude prices, which lifts biofuel feedstock and input cost expectations.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-03-29 | [Oil prices rise amid OPEC's ongoing supply cuts, U.S. sanctions](https://feedsoft.ai/events/60279-oil-prices-rise-amid-opec-s-ongoing-supply-cuts-u-s-sanctions.md) | +4.8% | +6.7% |
| WTI | 2019-03-01 | [Oil prices rise as markets tighten due to OPEC supply cuts](https://feedsoft.ai/events/60286-oil-prices-rise-as-markets-tighten-due-to-opec-supply-cuts.md) | -1.0% | +3.6% |
| WTI | 2019-09-19 | [Oil prices rise as Saudi supply risks come into focus](https://feedsoft.ai/events/57239-oil-prices-rise-as-saudi-supply-risks-come-into-focus.md) | -3.0% | -8.2% |
| WTI | 2018-11-12 | [Oil prices climb as OPEC eyes output curbs](https://feedsoft.ai/events/62218-oil-prices-climb-as-opec-eyes-output-curbs.md) | -6.2% | -15.2% |
| WTI | 2022-07-29 | [OPEC+ meeting on Aug. 3: Oil prices rise on tight supply \| Stock Market News](https://feedsoft.ai/events/40663-opec-meeting-on-aug-3-oil-prices-rise-on-tight-supply-stock-market-news.md) | -8.0% | -5.2% |
| BRENT | 2019-03-29 | [Oil prices rise amid OPEC's ongoing supply cuts, U.S. sanctions](https://feedsoft.ai/events/60279-oil-prices-rise-amid-opec-s-ongoing-supply-cuts-u-s-sanctions.md) | +4.0% | +6.9% |
| BRENT | 2019-03-01 | [Oil prices rise as markets tighten due to OPEC supply cuts](https://feedsoft.ai/events/60286-oil-prices-rise-as-markets-tighten-due-to-opec-supply-cuts.md) | +0.0% | +2.2% |
| BRENT | 2019-09-19 | [Oil prices rise as Saudi supply risks come into focus](https://feedsoft.ai/events/57239-oil-prices-rise-as-saudi-supply-risks-come-into-focus.md) | -2.4% | -7.2% |

## Sources

- trtworld.com: https://trtworld.com/business/oil-prices-climb-on-opec-supply-cut-prospect-rise-in-demand-60250

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