# EIA: recent oil prices supported by better economic data, further OPEC cut | Oil & Gas Journal

> EIA said Brent averaged $63/bbl in November, up $3 from October, on better US and China economic data and further OPEC cuts. The report cited modest demand and supply-side upward pressures.

- Date: 2019-12-10 · published 2019-12-10T12:00:00.000Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/55731-eia-recent-oil-prices-supported-by-better-economic-data-further-opec-cut-oil
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Stronger demand expectations and OPEC supply restraint support crude prices, which flow through to diesel and biofuel costs for feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-08-11 | [EIA revises up 2020 oil price forecasts on larger forecast stock draws \| Oil & Gas Journal](https://feedsoft.ai/events/51809-eia-revises-up-2020-oil-price-forecasts-on-larger-forecast-stock-draws-oil-and.md) | +1.2% | -6.6% |
| BRENT | 2023-10-11 | [Oil, gasoline prices set to rise in 2024 as OPEC+ production cuts take their toll: EIA](https://feedsoft.ai/events/33795-oil-gasoline-prices-set-to-rise-in-2024-as-opec-production-cuts-take-their-toll.md) | +2.3% | -7.5% |
| BRENT | 2024-06-20 | [Oil prices rise on US crude draw; jobs data feeds rate cut hopes](https://feedsoft.ai/events/29926-oil-prices-rise-on-us-crude-draw-jobs-data-feeds-rate-cut-hopes.md) | +0.0% | -0.1% |
| BRENT | 2022-12-08 | [EIA: Tanker rates reach highs on Ukraine war, Panama Canal delays \| Oil & Gas Journal](https://feedsoft.ai/events/38133-eia-tanker-rates-reach-highs-on-ukraine-war-panama-canal-delays-oil-and-gas.md) | +7.6% | +0.4% |
| BRENT | 2017-09-12 | [OPEC production falls to 32.76 million b/d in August \| Oil & Gas Journal](https://feedsoft.ai/events/68867-opec-production-falls-to-32-76-million-b-d-in-august-oil-and-gas-journal.md) | +2.7% | +2.8% |
| WTI | 2020-08-11 | [EIA revises up 2020 oil price forecasts on larger forecast stock draws \| Oil & Gas Journal](https://feedsoft.ai/events/51809-eia-revises-up-2020-oil-price-forecasts-on-larger-forecast-stock-draws-oil-and.md) | +2.3% | -12.2% |
| WTI | 2023-10-11 | [Oil, gasoline prices set to rise in 2024 as OPEC+ production cuts take their toll: EIA](https://feedsoft.ai/events/33795-oil-gasoline-prices-set-to-rise-in-2024-as-opec-production-cuts-take-their-toll.md) | +0.9% | -9.5% |
| WTI | 2024-06-20 | [Oil prices rise on US crude draw; jobs data feeds rate cut hopes](https://feedsoft.ai/events/29926-oil-prices-rise-on-us-crude-draw-jobs-data-feeds-rate-cut-hopes.md) | -0.7% | +1.7% |

## Sources

- ogj.com: https://www.ogj.com/general-interest/article/14073386/eia-recent-oil-prices-supported-by-better-economic-data-further-opec-cut

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