# Oil jumps 1% on hopes Opec+ will curb production | Upstream

> Oil rose about 1% in early trade on February 5 after reports that OPEC+ was weighing further output cuts to offset coronavirus demand damage. Brent was up 74 cents to $54.70 and WTI rose 61 cents to $50.22. OPEC+ moved its policy meeting forward to February.

- Date: 2020-02-05 · published 2020-02-05T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/54749-oil-jumps-1-on-hopes-opec-will-curb-production-upstream
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Talk of extra supply cuts provides a short-term floor for crude, but analysts warn that a prolonged China slowdown could outweigh production curbs. Energy price swings feed into biofuel economics and related vegetable oil values.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- upstreamonline.com: https://www.upstreamonline.com/production/oil-jumps-1-on-hopes-opec-will-curb-production/2-1-750504

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