# Oil prices edge up on hopes of supply cuts extension by OPEC

> Oil prices edged up on July 1 as OPEC and partners were expected to extend output cuts through the end of 2019 at their Vienna meeting. Brent rose as high as $66.75 and US crude climbed to $60.14.

- Date: 2019-06-30 · published 2019-06-30T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/58762-oil-prices-edge-up-on-hopes-of-supply-cuts-extension-by-opec
- 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 1.2 million barrel-per-day cuts tightens crude supply, supporting energy prices that influence biofuel economics and feed transport costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-12-01 | [Brent crude and West Texas Intermediate (WTI) oil price: Opec-led supply cut extension boosts oil prices](https://feedsoft.ai/events/67644-brent-crude-and-west-texas-intermediate-wti-oil-price-opec-led-supply-cut.md) | -1.5% | +5.3% |
| WTI | 2021-03-04 | [Oil prices surge as OPEC and its allies extend production cuts \| CNN Business](https://feedsoft.ai/events/48045-oil-prices-surge-as-opec-and-its-allies-extend-production-cuts-cnn-business.md) | +5.1% | -3.5% |
| WTI | 2017-05-25 | [Supply concerns trigger oil price plunge after OPEC extension \| Offshore Magazine](https://feedsoft.ai/events/71162-supply-concerns-trigger-oil-price-plunge-after-opec-extension-offshore-magazine.md) | -5.4% | -16.7% |
| WTI | 2020-07-01 | [Opec and allies extend oil production cuts to end of July](https://feedsoft.ai/events/52516-opec-and-allies-extend-oil-production-cuts-to-end-of-july.md) | +4.2% | +4.9% |
| WTI | 2019-10-10 | [Oil prices rise as OPEC pledges decision on supply \| Financial Post](https://feedsoft.ai/events/56468-oil-prices-rise-as-opec-pledges-decision-on-supply-financial-post.md) | +1.5% | +6.8% |
| BRENT | 2017-12-01 | [Brent crude and West Texas Intermediate (WTI) oil price: Opec-led supply cut extension boosts oil prices](https://feedsoft.ai/events/67644-brent-crude-and-west-texas-intermediate-wti-oil-price-opec-led-supply-cut.md) | -2.0% | +4.9% |
| BRENT | 2021-03-04 | [Oil prices surge as OPEC and its allies extend production cuts \| CNN Business](https://feedsoft.ai/events/48045-oil-prices-surge-as-opec-and-its-allies-extend-production-cuts-cnn-business.md) | +5.2% | -1.3% |
| BRENT | 2017-05-25 | [Supply concerns trigger oil price plunge after OPEC extension \| Offshore Magazine](https://feedsoft.ai/events/71162-supply-concerns-trigger-oil-price-plunge-after-opec-extension-offshore-magazine.md) | -7.0% | -16.6% |

## Sources

- offshore-technology.com: https://www.offshore-technology.com/news/oil-prices-supply-cuts-opec-2/

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