# Oil rises near month highs as market awaits G20 summit and OPEC meeting

> Oil prices rose on June 28 to near one-month highs, with US crude around $59.55 and Brent near $66.70. US inventories fell 12.8 million barrels in the week ending June 21, the largest weekly drop since September 2016.

- Date: 2019-06-28 · published 2019-06-28T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/58765-oil-rises-near-month-highs-as-market-awaits-g20-summit-and-opec-meeting
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A sharp inventory draw signals tighter US crude supply, supporting energy prices that feed into transport, fertilizer and biofuel costs for feed.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-08-31 | [OPEC+ sees tighter oil market until May 2022 \| Reuters](https://feedsoft.ai/events/45471-opec-sees-tighter-oil-market-until-may-2022-reuters.md) | -1.2% | +8.9% |
| WTI | 2018-01-19 | [IEA Sees Oil Markets Tightening as PDVSA Output](https://feedsoft.ai/events/66904-iea-sees-oil-markets-tightening-as-pdvsa-output.md) | +2.5% | -3.9% |
| WTI | 2018-02-12 | [Brent Crude, West Texas Intermediate, OPEC Says Oil Demand to Rise - Markets Insider](https://feedsoft.ai/events/66662-brent-crude-west-texas-intermediate-opec-says-oil-demand-to-rise-markets-insider.md) | +4.4% | +3.6% |
| WTI | 2017-01-19 | [IEA: OPEC output cuts under scrutiny as market tightens](https://feedsoft.ai/events/72916-iea-opec-output-cuts-under-scrutiny-as-market-tightens.md) | +2.4% | +3.9% |
| WTI | 2020-07-30 | [Comparative Analysis of Monthly Reports on the Oil Market](https://feedsoft.ai/events/52263-comparative-analysis-of-monthly-reports-on-the-oil-market.md) | +2.6% | +5.1% |
| BRENT | 2018-01-19 | [IEA Sees Oil Markets Tightening as PDVSA Output](https://feedsoft.ai/events/66904-iea-sees-oil-markets-tightening-as-pdvsa-output.md) | +2.0% | -8.4% |
| BRENT | 2021-08-31 | [OPEC+ sees tighter oil market until May 2022 \| Reuters](https://feedsoft.ai/events/45471-opec-sees-tighter-oil-market-until-may-2022-reuters.md) | -0.4% | +8.7% |
| BRENT | 2018-01-22 | [OPEC and Non-OPEC oil production cuts at record highs - Offshore Energy](https://feedsoft.ai/events/66902-opec-and-non-opec-oil-production-cuts-at-record-highs-offshore-energy.md) | +2.5% | -5.9% |

## Sources

- economies.com: https://www.economies.com/commodities/oil-news/oil-rises-near-month-highs-as-market-awaits-g20-summit-and-opec-meeting-29689

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