# Oil Hits 9-Month High After OPEC+ Agrees to Gradual Output Hike - Bloomberg

> OPEC+ agreed to add 500,000 barrels per day to the market in January and to hold monthly consultations on further adjustments. Brent futures rose about 1% to the highest level since early March.

- Date: 2020-12-02 · published 2020-12-02T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/49555-oil-hits-9-month-high-after-opec-agrees-to-gradual-output-hike-bloomberg
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A smaller-than-expected supply increase tightens the crude balance, supporting energy costs that feed buyers face in fuel, freight and fertilizer. Higher crude also tends to lift biofuel feedstock values, which can support soybean oil and corn.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-02-02 | [OPEC+ Agrees on Another Gradual Oil-Production Hike for March - Bloomberg](https://feedsoft.ai/events/42627-opec-agrees-on-another-gradual-oil-production-hike-for-march-bloomberg.md) | +4.1% | +20.3% |
| BRENT | 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) | +6.6% | +12.9% |
| BRENT | 2024-09-05 | [OPEC+ agrees to delay October oil output hike for two months \| Reuters](https://feedsoft.ai/events/28238-opec-agrees-to-delay-october-oil-output-hike-for-two-months-reuters.md) | -4.4% | +1.0% |
| BRENT | 2021-10-04 | [OPEC+ sticks to plan for gradual oil output hike, price roars higher](https://feedsoft.ai/events/44442-opec-sticks-to-plan-for-gradual-oil-output-hike-price-roars-higher.md) | +3.7% | +5.5% |
| BRENT | 2025-10-01 | [Oil settles up after OPEC+ opts for modest output hike](https://feedsoft.ai/events/22769-oil-settles-up-after-opec-opts-for-modest-output-hike.md) | -2.2% | -5.2% |
| WTI | 2022-02-02 | [OPEC+ Agrees on Another Gradual Oil-Production Hike for March - Bloomberg](https://feedsoft.ai/events/42627-opec-agrees-on-another-gradual-oil-production-hike-for-march-bloomberg.md) | +1.3% | +25.5% |
| 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% |
| WTI | 2024-09-05 | [OPEC+ agrees to delay October oil output hike for two months \| Reuters](https://feedsoft.ai/events/28238-opec-agrees-to-delay-october-oil-output-hike-for-two-months-reuters.md) | -2.7% | +1.0% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2020-12-02/oil-pares-gains-as-nerves-creep-in-before-pivotal-opec-meeting

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