# Oil edges higher after OPEC+ keeps to steady supply bump, U.S. stockpiles draw | Reuters

> OPEC+ kept to its previously agreed plan to boost output by 400,000 barrels per day, even as the group struggles to meet existing targets. Oil prices edged higher after the decision and a drop in U.S. crude stockpiles. Consumers have called for more crude to cap surging prices.

- Date: 2022-02-02 · published 2022-02-02T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/42628-oil-edges-higher-after-opec-keeps-to-steady-supply-bump-u-s-stockpiles-draw
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Steady supply increases that fall short of targets keep crude prices firm, supporting higher energy and freight costs for feed buyers. A large U.S. inventory draw reinforces the tight near-term balance.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-10-05 | [Oil rises to 3-week highs as OPEC+ agrees to deep cuts, U.S. stockpiles fall \| Reuters](https://feedsoft.ai/events/39283-oil-rises-to-3-week-highs-as-opec-agrees-to-deep-cuts-u-s-stockpiles-fall.md) | +3.3% | +1.9% |
| 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 | 2022-07-29 | [Oil up over $2 per barrel as hopes fade for OPEC+ supply boost \| Reuters](https://feedsoft.ai/events/40404-oil-up-over-2-per-barrel-as-hopes-fade-for-opec-supply-boost-reuters.md) | -8.0% | -5.2% |
| WTI | 2022-09-05 | [OPEC+ agrees to make token supply cut to steady oil market](https://feedsoft.ai/events/39516-opec-agrees-to-make-token-supply-cut-to-steady-oil-market.md) | +1.0% | -3.7% |
| WTI | 2016-12-01 | [Oil soars, Brent hits 16-month high after OPEC output deal \| Reuters](https://feedsoft.ai/events/9699-oil-soars-brent-hits-16-month-high-after-opec-output-deal-reuters.md) | +0.8% | +8.8% |
| BRENT | 2022-10-05 | [Oil rises to 3-week highs as OPEC+ agrees to deep cuts, U.S. stockpiles fall \| Reuters](https://feedsoft.ai/events/39283-oil-rises-to-3-week-highs-as-opec-agrees-to-deep-cuts-u-s-stockpiles-fall.md) | +2.1% | +2.3% |
| 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% |
| BRENT | 2022-07-29 | [Oil up over $2 per barrel as hopes fade for OPEC+ supply boost \| Reuters](https://feedsoft.ai/events/40404-oil-up-over-2-per-barrel-as-hopes-fade-for-opec-supply-boost-reuters.md) | -11.4% | -8.6% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-rises-after-draw-us-stocks-eyes-opec-decision-2022-02-02/

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