# Oil Narrows Weekly Advance  | Rigzone

> Oil gave back much of the week's gains on Friday, with WTI for October falling below $55 and Brent futures losing ground. China planned a 5% tariff on American crude from September 1, while Russia reportedly cut August output less than promised under the OPEC+ deal.

- Date: 2019-08-30 · published 2019-08-30T12:00:00.000Z
- Category: trade · region US · magnitude low
- Page: https://feedsoft.ai/events/57745-oil-narrows-weekly-advance-rigzone
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The Chinese tariff on US crude may redirect flows and pressure WTI relative to Brent, while OPEC+ compliance questions affect the supply outlook for energy input costs.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-05-23 | [Oil plummets, on track for biggest weekly drop in 2019](https://feedsoft.ai/events/6604-oil-plummets-on-track-for-biggest-weekly-drop-in-2019.md) | -4.2% | -12.5% |
| WTI | 2026-05-27 | [Canadian dollar hits six-week low as USMCA headline risk grows \| Reuters](https://feedsoft.ai/events/19483-canadian-dollar-hits-six-week-low-as-usmca-headline-risk-grows-reuters.md) | +0.7% | -16.4% |
| WTI | 2018-11-23 | [A slippery trade: oil slump proves bears right](https://feedsoft.ai/events/10784-a-slippery-trade-oil-slump-proves-bears-right.md) | -5.6% | -16.1% |
| WTI | 2019-05-23 | [How Trump And Xi Killed The Oil Rally \| OilPrice.com](https://feedsoft.ai/events/6611-how-trump-and-xi-killed-the-oil-rally-oilprice-com.md) | -4.2% | -12.5% |
| WTI | 2025-04-03 | [Palm opens lower on weaker rival oils, crude oil prices](https://feedsoft.ai/events/9626-palm-opens-lower-on-weaker-rival-oils-crude-oil-prices.md) | -13.1% | -16.5% |
| BRENT | 2019-05-23 | [Oil plummets, on track for biggest weekly drop in 2019](https://feedsoft.ai/events/6604-oil-plummets-on-track-for-biggest-weekly-drop-in-2019.md) | -4.6% | -9.1% |
| BRENT | 2018-11-23 | [A slippery trade: oil slump proves bears right](https://feedsoft.ai/events/10784-a-slippery-trade-oil-slump-proves-bears-right.md) | -5.4% | -14.0% |
| BRENT | 2019-05-23 | [How Trump And Xi Killed The Oil Rally \| OilPrice.com](https://feedsoft.ai/events/6611-how-trump-and-xi-killed-the-oil-rally-oilprice-com.md) | -4.6% | -9.1% |

## Sources

- rigzone.com: https://www.rigzone.com/news/oil_narrows_weekly_advance-30-aug-2019-159692-article/

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