# Oil falls 3% on uncertainty over future Opec+ output, recession fears - The Business Times

> Oil fell about 3% on June 30 after OPEC+ confirmed it would raise output by the previously agreed 648,000 bpd in August and avoided setting policy for September onward. Brent September settled at $109.03 and WTI at $105.76. Traders also squared positions ahead of the US holiday.

- Date: 2022-06-30 · published 2022-06-30T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/41112-oil-falls-3-on-uncertainty-over-future-opec-output-recession-fears-the-business
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Uncertainty over future OPEC+ supply additions and recession fears weigh on crude demand expectations. Softer crude prices could ease diesel and freight costs for feed buyers over coming weeks.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-08-03 | [Oil falls on supply glut fears as OPEC+ set to boost output - Markets - Business Recorder](https://feedsoft.ai/events/51785-oil-falls-on-supply-glut-fears-as-opec-set-to-boost-output-markets-business.md) | +2.5% | +7.0% |
| WTI | 2021-12-01 | [OPEC Faces Omicron Uncertainty and Rebellious Customers - The New York Times](https://feedsoft.ai/events/6304-opec-faces-omicron-uncertainty-and-rebellious-customers-the-new-york-times.md) | +8.8% | +15.8% |
| WTI | 2022-07-01 | [Opec+ stays the course on oil output boost - Business - DAWN.COM](https://feedsoft.ai/events/40402-opec-stays-the-course-on-oil-output-boost-business-dawn-com.md) | -0.9% | -6.2% |
| WTI | 2023-11-30 | [Oil prices fall amid skepticism on OPEC+ supply cuts - Markets - Business Recorder](https://feedsoft.ai/events/33371-oil-prices-fall-amid-skepticism-on-opec-supply-cuts-markets-business-recorder.md) | -11.0% | -7.4% |
| WTI | 2019-05-28 | [OPEC+ Calls Time on Output Cuts — CEESA](https://feedsoft.ai/events/59243-opec-calls-time-on-output-cuts-ceesa.md) | -8.9% | -1.2% |
| BRENT | 2020-08-03 | [Oil falls on supply glut fears as OPEC+ set to boost output - Markets - Business Recorder](https://feedsoft.ai/events/51785-oil-falls-on-supply-glut-fears-as-opec-set-to-boost-output-markets-business.md) | +2.4% | +4.4% |
| BRENT | 2021-12-01 | [OPEC Faces Omicron Uncertainty and Rebellious Customers - The New York Times](https://feedsoft.ai/events/6304-opec-faces-omicron-uncertainty-and-rebellious-customers-the-new-york-times.md) | +6.8% | +9.0% |
| BRENT | 2022-07-01 | [Opec+ stays the course on oil output boost - Business - DAWN.COM](https://feedsoft.ai/events/40402-opec-stays-the-course-on-oil-output-boost-business-dawn-com.md) | -7.1% | -7.6% |

## Sources

- businesstimes.com.sg: https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-falls-3-uncertainty-over-future-opec-output-recession
- cnbc.com: https://www.cnbc.com/2022/06/30/oil-markets-oil-supply-dollar-interest-rate-economic-growth-.html

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