# Oil Prices Surge as OPEC Looks to Cut Output | INN

> Oil prices rose during the week as reports suggested OPEC and Russia may extend output cuts into mid-2020. WTI climbed from $57.05 to $58.48 between November 18 and 21. The CN Rail strike began in the same week and disrupted rail crude shipments in Canada.

- Date: 2019-11-21 · published 2019-11-21T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/56233-oil-prices-surge-as-opec-looks-to-cut-output-inn
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected extension of OPEC supply cuts tightens crude balances and supports prices. Rail disruption in Canada can also trap crude and widen regional price spreads.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-04-02 | [Oil prices surge after surprise move to cut output](https://feedsoft.ai/events/7947-oil-prices-surge-after-surprise-move-to-cut-output.md) | +5.4% | -0.0% |
| WTI | 2023-06-04 | [Opec+ to extend cuts in oil output into 2024 as prices flag \| Opec \| The Guardian](https://feedsoft.ai/events/35401-opec-to-extend-cuts-in-oil-output-into-2024-as-prices-flag-opec-the-guardian.md) | -2.2% | -2.8% |
| WTI | 2023-05-01 | [OPEC+ announces surprise oil output cuts](https://feedsoft.ai/events/36320-opec-announces-surprise-oil-output-cuts.md) | -7.1% | -5.6% |
| WTI | 2023-11-30 | [Oil prices swing as OPEC+ agrees on additional output cuts](https://feedsoft.ai/events/33335-oil-prices-swing-as-opec-agrees-on-additional-output-cuts.md) | -11.0% | -7.4% |
| WTI | 2019-01-09 | [Oil prices surge on Saudi output cuts, US-China trade talks](https://feedsoft.ai/events/11166-oil-prices-surge-on-saudi-output-cuts-us-china-trade-talks.md) | +4.5% | +8.1% |
| BRENT | 2023-04-02 | [Oil prices surge after surprise move to cut output](https://feedsoft.ai/events/7947-oil-prices-surge-after-surprise-move-to-cut-output.md) | +7.4% | +1.0% |
| BRENT | 2023-05-01 | [OPEC+ announces surprise oil output cuts](https://feedsoft.ai/events/36320-opec-announces-surprise-oil-output-cuts.md) | -6.0% | -4.7% |
| BRENT | 2023-06-04 | [Opec+ to extend cuts in oil output into 2024 as prices flag \| Opec \| The Guardian](https://feedsoft.ai/events/35401-opec-to-extend-cuts-in-oil-output-into-2024-as-prices-flag-opec-the-guardian.md) | -1.7% | -1.8% |

## Sources

- investingnews.com: https://investingnews.com/daily/resource-investing/energy-investing/oil-and-gas-investing/oil-prices-surge-opec-looks-cut-output/

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