# Oil Soars Above $66 With Saudi Supply Gamble Buoying Crude Bulls - Bloomberg

> U.S. crude futures topped $66 a barrel on March 4 and Brent neared $70 after OPEC+ unexpectedly kept output steady for April. Major banks raised price forecasts, with some calling for oil above $100 next year.

- Date: 2021-03-04 · published 2021-03-04T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/48295-oil-soars-above-66-with-saudi-supply-gamble-buoying-crude-bulls-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Firmer crude supports biofuel economics and vegetable oil prices, while higher energy costs add to feed production expenses.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-10-04 | [Oil Supply: Saudis to Stick With 1 Million-Barrel A Day Cut - Bloomberg](https://feedsoft.ai/events/33521-oil-supply-saudis-to-stick-with-1-million-barrel-a-day-cut-bloomberg.md) | -3.7% | -8.8% |
| WTI | 2024-04-03 | [OPEC+ Sticks With Supply Cuts While Oil Nears $90 a Barrel - Bloomberg](https://feedsoft.ai/events/30642-opec-sticks-with-supply-cuts-while-oil-nears-90-a-barrel-bloomberg.md) | +0.1% | -3.2% |
| WTI | 2022-09-04 | [Oil Jumps Near $90 After OPEC+ Surprises With Token Supply Cut - Bloomberg](https://feedsoft.ai/events/39754-oil-jumps-near-90-after-opec-surprises-with-token-supply-cut-bloomberg.md) | +1.0% | -3.7% |
| WTI | 2021-01-05 | [Saudis Take Charge of Oil Market With Surprise Output Cut - Bloomberg](https://feedsoft.ai/events/49055-saudis-take-charge-of-oil-market-with-surprise-output-cut-bloomberg.md) | +9.8% | +15.2% |
| WTI | 2020-04-01 | [Oil Soars on Trump’s Contentious Saudi-Russia Output Cuts Claim - Bloomberg](https://feedsoft.ai/events/9202-oil-soars-on-trump-s-contentious-saudi-russia-output-cuts-claim-bloomberg.md) | +15.0% | -6.8% |
| BRENT | 2023-10-04 | [Oil Supply: Saudis to Stick With 1 Million-Barrel A Day Cut - Bloomberg](https://feedsoft.ai/events/33521-oil-supply-saudis-to-stick-with-1-million-barrel-a-day-cut-bloomberg.md) | -3.8% | -6.0% |
| BRENT | 2024-04-03 | [OPEC+ Sticks With Supply Cuts While Oil Nears $90 a Barrel - Bloomberg](https://feedsoft.ai/events/30642-opec-sticks-with-supply-cuts-while-oil-nears-90-a-barrel-bloomberg.md) | +2.8% | -0.3% |
| BRENT | 2022-09-04 | [Oil Jumps Near $90 After OPEC+ Surprises With Token Supply Cut - Bloomberg](https://feedsoft.ai/events/39754-oil-jumps-near-90-after-opec-surprises-with-token-supply-cut-bloomberg.md) | -0.9% | -5.0% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2021-03-04/oil-heads-toward-65-as-opec-supply-shock-feeds-powerful-rally

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