# Oil falls on supply glut fears as OPEC+ set to boost output - Markets - Business Recorder

> Oil fell about 0.6% to $43.26 for Brent and WTI fell to $39.98 as OPEC and allies began winding back production cuts in August. Oil output by OPEC rose by over 1 million barrels per day in July, and rising COVID-19 cases pointed to slower fuel demand.

- Date: 2020-08-03 · published 2020-08-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/51785-oil-falls-on-supply-glut-fears-as-opec-set-to-boost-output-markets-business
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Returning OPEC+ supply adds barrels to a market that is already oversupplied, which weighs on energy prices. Lower crude reduces diesel and freight costs for feed buyers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-11-30 | [Oil prices fall amid skepticism on OPEC+ supply cuts - Markets - Business Recorder](https://feedsoft.ai/events/33371-oil-prices-fall-amid-skepticism-on-opec-supply-cuts-markets-business-recorder.md) | -10.5% | -5.2% |
| BRENT | 2022-06-30 | [Oil falls 3% on uncertainty over future Opec+ output, recession fears - The Business Times](https://feedsoft.ai/events/41112-oil-falls-3-on-uncertainty-over-future-opec-output-recession-fears-the-business.md) | -11.8% | -8.8% |
| BRENT | 2025-09-07 | [OPEC+ agrees further oil output boost from October to regain market share \| Reuters](https://feedsoft.ai/events/22768-opec-agrees-further-oil-output-boost-from-october-to-regain-market-share-reuters.md) | +3.4% | +0.2% |
| BRENT | 2022-07-01 | [Opec+ stays the course on oil output boost - Business - DAWN.COM](https://feedsoft.ai/events/40402-opec-stays-the-course-on-oil-output-boost-business-dawn-com.md) | -7.1% | -7.6% |
| BRENT | 2025-10-05 | [OPEC+ opts for modest oil output hike as glut fears mount \| Reuters](https://feedsoft.ai/events/22302-opec-opts-for-modest-oil-output-hike-as-glut-fears-mount-reuters.md) | -2.7% | -0.1% |
| WTI | 2023-11-30 | [Oil prices fall amid skepticism on OPEC+ supply cuts - Markets - Business Recorder](https://feedsoft.ai/events/33371-oil-prices-fall-amid-skepticism-on-opec-supply-cuts-markets-business-recorder.md) | -11.0% | -7.4% |
| WTI | 2022-06-30 | [Oil falls 3% on uncertainty over future Opec+ output, recession fears - The Business Times](https://feedsoft.ai/events/41112-oil-falls-3-on-uncertainty-over-future-opec-output-recession-fears-the-business.md) | -6.3% | -11.5% |
| WTI | 2025-09-07 | [OPEC+ agrees further oil output boost from October to regain market share \| Reuters](https://feedsoft.ai/events/22768-opec-agrees-further-oil-output-boost-from-october-to-regain-market-share-reuters.md) | +1.3% | -1.1% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40009381

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