# Oil Rally Hinges on Next OPEC Meeting | Rigzone

> Oil closed at its highest level since early March after OPEC+ reached a preliminary agreement to extend historic output curbs by an extra month. Saudi Arabia and Russia pressed for compliance and deeper future cuts for countries that overproduced. Diesel demand fell to a 21-year low and fuel inventories rose.

- Date: 2020-06-03 · published 2020-06-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/52787-oil-rally-hinges-on-next-opec-meeting-rigzone
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Preliminary supply cuts support crude prices, but weak U.S. fuel demand and rising diesel stocks limit the upside for diesel and freight costs. The June meeting outcome will set the next move.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-06-22 | [Oil rallies over 3% as dollar dips, OPEC's meeting proceeds](https://feedsoft.ai/events/11574-oil-rallies-over-3-as-dollar-dips-opec-s-meeting-proceeds.md) | +11.9% | +7.2% |
| WTI | 2017-05-25 | [OPEC : OPEC 172nd Meeting concludes](https://feedsoft.ai/events/70927-opec-opec-172nd-meeting-concludes.md) | -5.4% | -16.7% |
| WTI | 2019-10-17 | [OPEC’s Next Meeting May Unveil New Approach: Preemption - Bloomberg](https://feedsoft.ai/events/56466-opec-s-next-meeting-may-unveil-new-approach-preemption-bloomberg.md) | +4.7% | +6.7% |
| WTI | 2019-11-30 | [OPEC Oil Output Slips Before Vienna Meeting](https://feedsoft.ai/events/56230-opec-oil-output-slips-before-vienna-meeting.md) | +3.6% | +8.1% |
| WTI | 2021-02-03 | [OPEC+ maintains oil policy amid price rally](https://feedsoft.ai/events/48551-opec-maintains-oil-policy-amid-price-rally.md) | +6.5% | +12.0% |
| BRENT | 2018-06-22 | [Oil rallies over 3% as dollar dips, OPEC's meeting proceeds](https://feedsoft.ai/events/11574-oil-rallies-over-3-as-dollar-dips-opec-s-meeting-proceeds.md) | +5.6% | -1.0% |
| BRENT | 2017-05-25 | [OPEC : OPEC 172nd Meeting concludes](https://feedsoft.ai/events/70927-opec-opec-172nd-meeting-concludes.md) | -7.0% | -16.6% |
| BRENT | 2019-10-17 | [OPEC’s Next Meeting May Unveil New Approach: Preemption - Bloomberg](https://feedsoft.ai/events/56466-opec-s-next-meeting-may-unveil-new-approach-preemption-bloomberg.md) | +2.5% | +5.0% |

## Sources

- rigzone.com: https://www.rigzone.com/news/wire/oil_rally_hinges_on_next_opec_meeting-03-jun-2020-162284-article/

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