# Oil up over $2 per barrel as hopes fade for OPEC+ supply boost | Reuters

> Oil rose more than $2 a barrel as hopes faded for an OPEC+ supply boost. OPEC+ sources said the group would consider keeping output unchanged for September, with a modest increase also possibly discussed. Compliance with output cuts reportedly reached 320% in June due to underproduction.

- Date: 2022-07-29 · published 2022-07-29T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/40404-oil-up-over-2-per-barrel-as-hopes-fade-for-opec-supply-boost-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Reduced expectations of additional OPEC+ supply support crude prices, raising energy input costs. Persistent underproduction keeps the market tight.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2016-11-30 | [Oil jumps over 10 percent as OPEC finalizes output cut deal \| Reuters](https://feedsoft.ai/events/8564-oil-jumps-over-10-percent-as-opec-finalizes-output-cut-deal-reuters.md) | +12.5% | +19.3% |
| WTI | 2019-06-30 | [Oil prices edge up on hopes of supply cuts extension by OPEC](https://feedsoft.ai/events/58762-oil-prices-edge-up-on-hopes-of-supply-cuts-extension-by-opec.md) | -1.4% | -2.5% |
| WTI | 2022-09-19 | [Oil edges up as supply woes outweigh demand and rate hike worries \| Reuters](https://feedsoft.ai/events/39750-oil-edges-up-as-supply-woes-outweigh-demand-and-rate-hike-worries-reuters.md) | -7.6% | +0.6% |
| 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 | 2022-09-09 | [Oil rises 4% on supply threats, still set for weekly drop \| Reuters](https://feedsoft.ai/events/39767-oil-rises-4-on-supply-threats-still-set-for-weekly-drop-reuters.md) | +2.0% | +5.8% |
| BRENT | 2016-11-30 | [Oil jumps over 10 percent as OPEC finalizes output cut deal \| Reuters](https://feedsoft.ai/events/8564-oil-jumps-over-10-percent-as-opec-finalizes-output-cut-deal-reuters.md) | +16.7% | +22.1% |
| BRENT | 2019-06-30 | [Oil prices edge up on hopes of supply cuts extension by OPEC](https://feedsoft.ai/events/58762-oil-prices-edge-up-on-hopes-of-supply-cuts-extension-by-opec.md) | -4.2% | -6.1% |
| BRENT | 2022-09-19 | [Oil edges up as supply woes outweigh demand and rate hike worries \| Reuters](https://feedsoft.ai/events/39750-oil-edges-up-as-supply-woes-outweigh-demand-and-rate-hike-worries-reuters.md) | -5.7% | +1.7% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-rise-tight-supply-attention-turns-opec-meeting-2022-07-29/

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