# With Opec powerless, the market dictates the price of oil

> A commentary argues OPEC's influence over prices has waned, with the market now setting oil prices. Prices fell below pre-Abqaiq attack levels despite roughly 5m barrels per day being temporarily removed, and Venezuelan, Iranian and Libyan supply remain constrained.

- Date: 2019-10-21 · published 2019-10-21T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/56741-with-opec-powerless-the-market-dictates-the-price-of-oil
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Market-driven pricing with ample supply points to softer energy costs ahead, though policy uncertainty keeps volatility elevated.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- ft.com: https://www.ft.com/content/d6682c2c-eff6-11e9-bfa4-b25f11f42901

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