# Oil prices near biggest monthly loss since October before OPEC meets

> Oil was on track for its biggest monthly loss since October, with WTI down about 7% in August. Investors weighed a planned OPEC+ increase of 400,000 barrels per day and the gradual restart of Gulf of Mexico output after Hurricane Ida. Weak Chinese data showed the effect of the delta variant outbreak, and refineries were expected to recover more slowly.

- Date: 2021-08-31 · published 2021-08-31T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/45722-oil-prices-near-biggest-monthly-loss-since-october-before-opec-meets
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected supply restoration and weaker demand from China point to softer energy prices, which lowers diesel and freight costs for feed makers. The OPEC+ decision due Wednesday is the next key price driver.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-03-19 | [Oil prices post deepest weekly loss since October, yet banks remain bullish](https://feedsoft.ai/events/6204-oil-prices-post-deepest-weekly-loss-since-october-yet-banks-remain-bullish.md) | -2.4% | +5.3% |
| WTI | 2025-09-29 | [Talk of OPEC+ output quota increase sets crude prices up for their biggest daily loss since June - MarketWatch](https://feedsoft.ai/events/23041-talk-of-opec-output-quota-increase-sets-crude-prices-up-for-their-biggest-daily.md) | -7.3% | -6.4% |
| WTI | 2020-03-31 | [Oil ends March with biggest monthly and quarterly losses ever](https://feedsoft.ai/events/5320-oil-ends-march-with-biggest-monthly-and-quarterly-losses-ever.md) | +64.9% | -5.2% |
| WTI | 2017-03-21 | [Is OPEC Losing Its Ability to Influence Oil Prices?](https://feedsoft.ai/events/71904-is-opec-losing-its-ability-to-influence-oil-prices.md) | -1.4% | +9.4% |
| WTI | 2021-04-21 | [Canadian dollar sees biggest drop in nearly 2 months as oil falls](https://feedsoft.ai/events/47853-canadian-dollar-sees-biggest-drop-in-nearly-2-months-as-oil-falls.md) | +0.7% | +4.7% |
| BRENT | 2021-03-19 | [Oil prices post deepest weekly loss since October, yet banks remain bullish](https://feedsoft.ai/events/6204-oil-prices-post-deepest-weekly-loss-since-october-yet-banks-remain-bullish.md) | -1.8% | +5.9% |
| BRENT | 2025-09-29 | [Talk of OPEC+ output quota increase sets crude prices up for their biggest daily loss since June - MarketWatch](https://feedsoft.ai/events/23041-talk-of-opec-output-quota-increase-sets-crude-prices-up-for-their-biggest-daily.md) | -7.5% | -6.8% |
| BRENT | 2020-03-31 | [Oil ends March with biggest monthly and quarterly losses ever](https://feedsoft.ai/events/5320-oil-ends-march-with-biggest-monthly-and-quarterly-losses-ever.md) | +30.7% | -14.5% |

## Sources

- worldoil.com: https://www.worldoil.com/news/2021/8/31/oil-prices-near-biggest-monthly-loss-since-october-before-opec-meets/

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