# Oil Spikes After OPEC Claims ''The Worst Is Over For The Oil Market''

> Oil rose about 3% on Oct 8 after OPEC said in its World Oil Outlook that the worst is over for the oil market. Front-month crude reached $41.22 following the comments.

- Date: 2020-11-01 · published 2020-11-01T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/50804-oil-spikes-after-opec-claims-the-worst-is-over-for-the-oil-market
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

OPEC's upbeat outlook and reported low speculative positioning supported crude prices, which can carry through to diesel and fertilizer costs for feed makers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 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) | -1.0% | -3.5% |
| WTI | 2016-12-01 | [After OPEC deal, oil expected to rally - for the moment](https://feedsoft.ai/events/9703-after-opec-deal-oil-expected-to-rally-for-the-moment.md) | +0.8% | +8.8% |
| WTI | 2016-12-01 | [Oil futures settle at 6-week high, above $50 after OPEC deal - MarketWatch](https://feedsoft.ai/events/9705-oil-futures-settle-at-6-week-high-above-50-after-opec-deal-marketwatch.md) | +0.8% | +8.8% |
| WTI | 2019-10-11 | [Oil markets: OPEC, US-China trade in focus](https://feedsoft.ai/events/56742-oil-markets-opec-us-china-trade-in-focus.md) | +0.6% | +6.4% |
| WTI | 2021-01-06 | [Fitch assesses OPEC + decision for oil market \| Report.az](https://feedsoft.ai/events/49059-fitch-assesses-opec-decision-for-oil-market-report-az.md) | +6.6% | +11.7% |
| 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% |
| BRENT | 2016-12-01 | [After OPEC deal, oil expected to rally - for the moment](https://feedsoft.ai/events/9703-after-opec-deal-oil-expected-to-rally-for-the-moment.md) | +6.6% | +12.9% |
| BRENT | 2016-12-01 | [Oil futures settle at 6-week high, above $50 after OPEC deal - MarketWatch](https://feedsoft.ai/events/9705-oil-futures-settle-at-6-week-high-above-50-after-opec-deal-marketwatch.md) | +6.6% | +12.9% |

## Sources

- oilprice.com: https://oilprice.com/Energy/Oil-Prices/Oil-Spikes-After-OPEC-Claims-The-Worst-Is-Over-For-The-Oil-Market.html

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