# OPEC+ finalizes oil cut deal, halting a bruising price war, but coronavirus pain to linger

> OPEC+ finalized its oil cut agreement, ending a price war between Saudi Arabia and Russia. Analysts warn that coronavirus demand losses will continue to weigh on the market despite the deal.

- Date: 2020-04-12 · published 2020-04-12T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/53544-opec-finalizes-oil-cut-deal-halting-a-bruising-price-war-but-coronavirus-pain
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Supply cuts offer some price support for energy, but the demand shock limits upside, keeping input and biofuel-linked costs under pressure for feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-04-02 | [Coronavirus: Oil prices surge on hopes of a price war truce](https://feedsoft.ai/events/5485-coronavirus-oil-prices-surge-on-hopes-of-a-price-war-truce.md) | +49.5% | +11.2% |
| BRENT | 2020-04-13 | [OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic](https://feedsoft.ai/events/53540-opec-russia-approve-biggest-ever-oil-cut-to-support-prices-amid-coronavirus.md) | -6.7% | +8.6% |
| BRENT | 2020-04-12 | [Record deal to cut oil output ends price war - BBC News](https://feedsoft.ai/events/53543-record-deal-to-cut-oil-output-ends-price-war-bbc-news.md) | -6.7% | +8.6% |
| BRENT | 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) | -6.7% | +8.6% |
| BRENT | 2020-05-01 | [OPEC+ Moves To End Price War With 9.7 Million B/D Cut](https://feedsoft.ai/events/53032-opec-moves-to-end-price-war-with-9-7-million-b-d-cut.md) | +24.9% | +62.4% |
| WTI | 2020-04-02 | [Coronavirus: Oil prices surge on hopes of a price war truce](https://feedsoft.ai/events/5485-coronavirus-oil-prices-surge-on-hopes-of-a-price-war-truce.md) | +23.3% | -2.7% |
| WTI | 2020-04-13 | [OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic](https://feedsoft.ai/events/53540-opec-russia-approve-biggest-ever-oil-cut-to-support-prices-amid-coronavirus.md) | -19.9% | +5.3% |
| WTI | 2020-04-12 | [Record deal to cut oil output ends price war - BBC News](https://feedsoft.ai/events/53543-record-deal-to-cut-oil-output-ends-price-war-bbc-news.md) | -19.9% | +5.3% |

## Sources

- spglobal.com: https://www.spglobal.com/commodityinsights/pt/market-insights/latest-news/oil/041220-opec-finalizes-oil-cut-deal-halting-a-bruising-price-war-but-coronavirus-pain-to-linger

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