# Oil prices mixed as talk of extending OPEC cuts faces rising U.S. supply

> US oil futures ended little changed on May 1 as talk of extending OPEC-led supply cuts offset rising US inventories and record production. Brent settled at $72.18 and WTI at $63.60. Oman's energy minister said OPEC intended to extend cuts at its June meeting.

- Date: 2019-05-01 · published 2019-05-01T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/59238-oil-prices-mixed-as-talk-of-extending-opec-cuts-faces-rising-u-s-supply
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Expected OPEC supply restraint supports crude prices, while rising US stocks cap gains. Energy price direction feeds into diesel and fertilizer costs for feed producers.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-08-11 | [Opec mulls further output cuts to support oil prices](https://feedsoft.ai/events/57508-opec-mulls-further-output-cuts-to-support-oil-prices.md) | +1.5% | +6.0% |
| BRENT | 2020-03-06 | [OPEC output cut deal falls apart as Russia resists, sending oil prices into tailspin - The Express Tribune](https://feedsoft.ai/events/54052-opec-output-cut-deal-falls-apart-as-russia-resists-sending-oil-prices-into.md) | -36.6% | -51.4% |
| BRENT | 2021-08-27 | [OPEC+ faces mixed market signals after US pressure to increase oil supplies \| S&P Global](https://feedsoft.ai/events/45474-opec-faces-mixed-market-signals-after-us-pressure-to-increase-oil-supplies-s.md) | +3.6% | +8.6% |
| BRENT | 2021-02-02 | [OPEC+ calm ahead of committee meeting as oil prices rise, but tough decisions loom \| S&P Global](https://feedsoft.ai/events/48555-opec-calm-ahead-of-committee-meeting-as-oil-prices-rise-but-tough-decisions.md) | +7.1% | +13.7% |
| BRENT | 2019-08-22 | [OPEC's market share sinks - and no sign of wavering on supply cuts](https://feedsoft.ai/events/57501-opec-s-market-share-sinks-and-no-sign-of-wavering-on-supply-cuts.md) | +0.0% | +5.8% |
| WTI | 2019-08-11 | [Opec mulls further output cuts to support oil prices](https://feedsoft.ai/events/57508-opec-mulls-further-output-cuts-to-support-oil-prices.md) | +0.7% | +3.7% |
| WTI | 2020-03-06 | [OPEC output cut deal falls apart as Russia resists, sending oil prices into tailspin - The Express Tribune](https://feedsoft.ai/events/54052-opec-output-cut-deal-falls-apart-as-russia-resists-sending-oil-prices-into.md) | -31.3% | -45.0% |
| WTI | 2021-08-27 | [OPEC+ faces mixed market signals after US pressure to increase oil supplies \| S&P Global](https://feedsoft.ai/events/45474-opec-faces-mixed-market-signals-after-us-pressure-to-increase-oil-supplies-s.md) | +3.9% | +9.9% |

## Sources

- reuters.com: https://www.reuters.com/article/us-global-oil/oil-prices-fall-as-u-s-crude-stocks-climb-to-highest-since-september-2017-idUSKCN1S731G/?il=0

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