# Brent hits 5-month high on supply cuts, China data

> Brent touched a five-month high, with November futures up 69 cents to $46.50, after Abu Dhabi National Oil Company said it would cut October supplies by 30% to meet its OPEC+ commitment. A strong Chinese services survey also supported prices, though analysts cautioned that demand is still weak.

- Date: 2020-08-31 · published 2020-08-31T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/51782-brent-hits-5-month-high-on-supply-cuts-china-data
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A large OPEC+ supply cut tightens crude balances and tends to lift energy costs for feed and freight. Higher oil also supports biofuel economics, which can underpin vegetable oil demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-08-31 | [Brent Crude Hits 5-Month High On String Of Bullish News \| OilPrice.com](https://feedsoft.ai/events/51806-brent-crude-hits-5-month-high-on-string-of-bullish-news-oilprice-com.md) | -7.6% | -5.7% |
| 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% |
| WTI | 2023-09-01 | [Oil rises to highest in over seven months on supply worries](https://feedsoft.ai/events/34022-oil-rises-to-highest-in-over-seven-months-on-supply-worries.md) | +4.7% | +8.6% |
| WTI | 2025-06-16 | [Chicago soyoil futures hit 18-month high on biofuel mandate, Mideast tensions](https://feedsoft.ai/events/5339-chicago-soyoil-futures-hit-18-month-high-on-biofuel-mandate-mideast-tensions.md) | -6.1% | -7.8% |
| WTI | 2019-06-30 | [Oil prices edge up on hopes of supply cuts extension by OPEC](https://feedsoft.ai/events/58762-oil-prices-edge-up-on-hopes-of-supply-cuts-extension-by-opec.md) | -1.4% | -2.5% |
| BRENT | 2020-08-31 | [Brent Crude Hits 5-Month High On String Of Bullish News \| OilPrice.com](https://feedsoft.ai/events/51806-brent-crude-hits-5-month-high-on-string-of-bullish-news-oilprice-com.md) | -7.2% | -8.2% |
| 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 | 2023-09-01 | [Oil rises to highest in over seven months on supply worries](https://feedsoft.ai/events/34022-oil-rises-to-highest-in-over-seven-months-on-supply-worries.md) | +4.0% | +10.3% |

## Sources

- rte.ie: https://www.rte.ie/news/business/2020/0831/1162285-world-oil-prices/

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