# Oil gains 1.5%, posts another weekly rise on supply concerns

> OPEC and its allies agreed on May 5 to raise June output targets by 432,000 barrels per day, continuing the gradual unwinding of record supply curbs. The EU had announced plans to restrict Russian oil imports within six months and refined products by year-end.

- Date: 2022-05-06 · published 2022-05-06T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/41322-oil-gains-1-5-posts-another-weekly-rise-on-supply-concerns
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The modest increase does little to offset expected losses of Russian supply, so crude prices are likely to stay firm. Higher energy costs raise the price of feed production and transport.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-06-08 | [Opec+ raises July oil production quotas amid supply concerns \| Malay Mail](https://feedsoft.ai/events/18720-opec-raises-july-oil-production-quotas-amid-supply-concerns-malay-mail.md) | -7.5% | -26.2% |
| BRENT | 2017-08-03 | [OPEC supply-cut compliance runs up against ire over country targets](https://feedsoft.ai/events/69358-opec-supply-cut-compliance-runs-up-against-ire-over-country-targets.md) | +0.4% | -1.6% |
| BRENT | 2022-12-04 | [OPEC keeps oil supply cuts amid uncertainty of Russian sanctions - Los Angeles Times](https://feedsoft.ai/events/38142-opec-keeps-oil-supply-cuts-amid-uncertainty-of-russian-sanctions-los-angeles.md) | -11.4% | -5.6% |
| BRENT | 2019-05-01 | [Oil prices mixed as talk of extending OPEC cuts faces rising U.S. supply](https://feedsoft.ai/events/59238-oil-prices-mixed-as-talk-of-extending-opec-cuts-faces-rising-u-s-supply.md) | -2.9% | -3.4% |
| BRENT | 2022-10-31 | [OPEC Says Supply Surplus Was Main Reason for Oil Production Cut - Bloomberg](https://feedsoft.ai/events/39056-opec-says-supply-surplus-was-main-reason-for-oil-production-cut-bloomberg.md) | +4.0% | -12.3% |
| WTI | 2026-06-08 | [Opec+ raises July oil production quotas amid supply concerns \| Malay Mail](https://feedsoft.ai/events/18720-opec-raises-july-oil-production-quotas-amid-supply-concerns-malay-mail.md) | -6.1% | -25.6% |
| WTI | 2017-08-03 | [OPEC supply-cut compliance runs up against ire over country targets](https://feedsoft.ai/events/69358-opec-supply-cut-compliance-runs-up-against-ire-over-country-targets.md) | -0.0% | -7.3% |
| WTI | 2022-12-04 | [OPEC keeps oil supply cuts amid uncertainty of Russian sanctions - Los Angeles Times](https://feedsoft.ai/events/38142-opec-keeps-oil-supply-cuts-amid-uncertainty-of-russian-sanctions-los-angeles.md) | -11.1% | -3.8% |

## Sources

- reuters.com: https://www.reuters.com/business/oil-falls-demand-concerns-weigh-against-tight-supply-2022-05-06/

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