# Oil prices rise on signals OPEC might cut output

> Oil prices ended higher on Friday after Saudi Arabia signaled that OPEC could cut output to offset possible returning Iranian barrels. Brent settled at $100.99 and WTI at $93.06, and the UAE said it aligned with Saudi thinking. Commerzbank noted Saudi Arabia appeared unwilling to tolerate prices below $90.

- Date: 2022-08-26 · published 2022-08-26T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/40228-oil-prices-rise-on-signals-opec-might-cut-output
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Signals of OPEC+ supply management support crude prices, which raises fuel, freight and biofuel input costs for feed producers. Expectations of a price floor could encourage speculative buying.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-05-01 | [OPEC+ announces surprise oil output cuts](https://feedsoft.ai/events/36320-opec-announces-surprise-oil-output-cuts.md) | -6.0% | -4.7% |
| BRENT | 2023-11-30 | [Oil prices swing as OPEC+ agrees on additional output cuts](https://feedsoft.ai/events/33335-oil-prices-swing-as-opec-agrees-on-additional-output-cuts.md) | -10.5% | -5.2% |
| BRENT | 2023-04-02 | [Oil prices surge after surprise move to cut output](https://feedsoft.ai/events/7947-oil-prices-surge-after-surprise-move-to-cut-output.md) | +7.4% | +1.0% |
| BRENT | 2019-11-21 | [Oil Prices Surge as OPEC Looks to Cut Output \| INN](https://feedsoft.ai/events/56233-oil-prices-surge-as-opec-looks-to-cut-output-inn.md) | +2.3% | +7.2% |
| BRENT | 2017-02-01 | [Arab News \| Crude prices rise as OPEC cuts output as promised](https://feedsoft.ai/events/72674-arab-news-crude-prices-rise-as-opec-cuts-output-as-promised.md) | -1.9% | -1.8% |
| WTI | 2023-05-01 | [OPEC+ announces surprise oil output cuts](https://feedsoft.ai/events/36320-opec-announces-surprise-oil-output-cuts.md) | -7.1% | -5.6% |
| WTI | 2023-11-30 | [Oil prices swing as OPEC+ agrees on additional output cuts](https://feedsoft.ai/events/33335-oil-prices-swing-as-opec-agrees-on-additional-output-cuts.md) | -11.0% | -7.4% |
| WTI | 2023-04-02 | [Oil prices surge after surprise move to cut output](https://feedsoft.ai/events/7947-oil-prices-surge-after-surprise-move-to-cut-output.md) | +5.4% | -0.0% |

## Sources

- cnbc.com: https://www.cnbc.com/2022/08/26/oil-markets-demand-interest-rate-hikes-federal-reserve.html

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