# Brent Crude Hits 5-Month High On String Of Bullish News | OilPrice.com

> Brent topped $46.50 in early trading, its highest in over five months. Stronger China services PMI data, a weaker dollar and ADNOC's planned 30% October supply cut were cited as the drivers.

- Date: 2020-08-31 · published 2020-08-31T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/51806-brent-crude-hits-5-month-high-on-string-of-bullish-news-oilprice-com
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Supply cuts from a major OPEC+ producer tighten the crude market, raising fuel and freight costs for feed buyers. A weaker dollar also makes crude cheaper for Asian importers, supporting demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-08-31 | [Brent hits 5-month high on supply cuts, China data](https://feedsoft.ai/events/51782-brent-hits-5-month-high-on-supply-cuts-china-data.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 | 2017-02-24 | [Combined Compliance For OPEC, Non-OPEC Hits 86% \| OilPrice.com](https://feedsoft.ai/events/72410-combined-compliance-for-opec-non-opec-hits-86-oilprice-com.md) | -2.8% | -10.4% |
| BRENT | 2021-11-04 | [OPEC+ Meeting Ends: Cartel Won't Produce Extra Crude \| OilPrice.com](https://feedsoft.ai/events/43986-opec-meeting-ends-cartel-won-t-produce-extra-crude-oilprice-com.md) | +1.5% | -15.1% |
| BRENT | 2017-09-21 | [OPEC's Strategy To Clamp Down On Cheating \| OilPrice.com](https://feedsoft.ai/events/68870-opec-s-strategy-to-clamp-down-on-cheating-oilprice-com.md) | +2.8% | +2.4% |
| WTI | 2020-08-31 | [Brent hits 5-month high on supply cuts, China data](https://feedsoft.ai/events/51782-brent-hits-5-month-high-on-supply-cuts-china-data.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 | 2017-02-24 | [Combined Compliance For OPEC, Non-OPEC Hits 86% \| OilPrice.com](https://feedsoft.ai/events/72410-combined-compliance-for-opec-non-opec-hits-86-oilprice-com.md) | -3.4% | -13.3% |

## Sources

- oilprice.com: https://oilprice.com/Energy/Energy-General/Brent-Crude-Hits-5-Month-High-On-String-Of-Bullish-News.html

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