# Oil prices top $40 as OPEC+ extends production cuts | Fox Business

> WTI topped $40 for the first time in three months after OPEC+ extended its nearly 10 million bpd output cut through July. Saudi Arabia raised official prices for Asian customers by up to $7.30 a barrel, the largest increase in two decades.

- Date: 2020-06-08 · published 2020-06-08T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/52796-oil-prices-top-40-as-opec-extends-production-cuts-fox-business
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Extended supply cuts and higher Saudi pricing support crude, which lifts diesel and transport costs and can support biofuel feedstock values.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-11-30 | [Opec agrees to extend existing oil production cuts: Abdelmadjid Attar](https://feedsoft.ai/events/50059-opec-agrees-to-extend-existing-oil-production-cuts-abdelmadjid-attar.md) | +1.5% | +4.3% |
| WTI | 2018-12-07 | [OPEC and Russia agree to slash oil production \| CNN Business](https://feedsoft.ai/events/61456-opec-and-russia-agree-to-slash-oil-production-cnn-business.md) | +2.2% | -6.2% |
| WTI | 2020-06-06 | [OPEC and allies agree to extend record production cut](https://feedsoft.ai/events/52790-opec-and-allies-agree-to-extend-record-production-cut.md) | -8.3% | +2.6% |
| WTI | 2020-04-12 | [Oil News: OPEC+ Deal to Cut Production Reached, Price War Ends - Bloomberg](https://feedsoft.ai/events/53541-oil-news-opec-deal-to-cut-production-reached-price-war-ends-bloomberg.md) | -19.9% | +5.3% |
| WTI | 2017-02-01 | [Oil prices stabilise as Russia joins OPEC in production cut - Offshore Energy](https://feedsoft.ai/events/72669-oil-prices-stabilise-as-russia-joins-opec-in-production-cut-offshore-energy.md) | -1.1% | +2.0% |
| BRENT | 2020-11-30 | [Opec agrees to extend existing oil production cuts: Abdelmadjid Attar](https://feedsoft.ai/events/50059-opec-agrees-to-extend-existing-oil-production-cuts-abdelmadjid-attar.md) | +3.5% | +7.0% |
| BRENT | 2018-12-07 | [OPEC and Russia agree to slash oil production \| CNN Business](https://feedsoft.ai/events/61456-opec-and-russia-agree-to-slash-oil-production-cnn-business.md) | +2.2% | -2.9% |
| BRENT | 2020-06-06 | [OPEC and allies agree to extend record production cut](https://feedsoft.ai/events/52790-opec-and-allies-agree-to-extend-record-production-cut.md) | -7.2% | +3.3% |

## Sources

- foxbusiness.com: https://www.foxbusiness.com/markets/oil-prices-top-40-opec-extends-production-cuts

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