# Oil Rally Evaporates After Touching the Highest Since March - Bloomberg

> WTI futures shed nearly all their gains to settle under $115 after rising almost $5 earlier in the session. The move followed reports that exempting Russia from OPEC+ output targets could pave the way for other producers to add supply.

- Date: 2022-05-30 · published 2022-05-30T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/41558-oil-rally-evaporates-after-touching-the-highest-since-march-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Possible OPEC+ supply additions cap energy prices, which eases input costs for feed production and transport.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-02-16 | [Oil rally makes further easing of oil supply curbs more likely after April – Reuters — Octa](https://feedsoft.ai/events/48838-oil-rally-makes-further-easing-of-oil-supply-curbs-more-likely-after-april.md) | +3.6% | +9.9% |
| WTI | 2017-02-06 | [U.S. Oil and Gas Prices May Tumble On Trump's ‘Energy Revolution’ - Bloomberg](https://feedsoft.ai/events/72693-u-s-oil-and-gas-prices-may-tumble-on-trump-s-energy-revolution-bloomberg.md) | +0.1% | -1.2% |
| WTI | 2018-06-23 | [OPEC+ Agrees to Oil-Supply Boost in Victory for Saudis, Russia - Bloomberg](https://feedsoft.ai/events/64447-opec-agrees-to-oil-supply-boost-in-victory-for-saudis-russia-bloomberg.md) | +7.6% | -1.4% |
| WTI | 2021-12-02 | [Oil Plunges 4.8% as Russia Is Said to Propose OPEC+ Output Hike - Bloomberg](https://feedsoft.ai/events/6306-oil-plunges-4-8-as-russia-is-said-to-propose-opec-output-hike-bloomberg.md) | +10.6% | +17.4% |
| WTI | 2021-04-01 | [OPEC+ Shows Confidence in Economic Recovery With Oil-Supply Hike - Bloomberg](https://feedsoft.ai/events/47505-opec-shows-confidence-in-economic-recovery-with-oil-supply-hike-bloomberg.md) | +0.7% | +9.8% |
| BRENT | 2021-02-16 | [Oil rally makes further easing of oil supply curbs more likely after April – Reuters — Octa](https://feedsoft.ai/events/48838-oil-rally-makes-further-easing-of-oil-supply-curbs-more-likely-after-april.md) | +3.1% | +9.2% |
| BRENT | 2018-06-23 | [OPEC+ Agrees to Oil-Supply Boost in Victory for Saudis, Russia - Bloomberg](https://feedsoft.ai/events/64447-opec-agrees-to-oil-supply-boost-in-victory-for-saudis-russia-bloomberg.md) | +5.1% | -2.8% |
| BRENT | 2021-12-02 | [Oil Plunges 4.8% as Russia Is Said to Propose OPEC+ Output Hike - Bloomberg](https://feedsoft.ai/events/6306-oil-plunges-4-8-as-russia-is-said-to-propose-opec-output-hike-bloomberg.md) | +9.7% | +14.1% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2022-05-30/oil-extends-sixth-monthly-gain-as-eu-set-to-curb-russian-supply

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