# Brent oil rises above $70 as OPEC cuts, US sanctions outweigh trade war worries

> Brent crude rose above $70 a barrel on Tuesday as OPEC-led supply cuts and US sanctions on Iranian and Venezuelan fuel exports outweighed concerns about slowing economic growth. WTI was up about 1% near $59.26. Middle East crude premiums had reached multi-year highs earlier in May.

- Date: 2019-05-28 · published 2019-05-28T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/59242-brent-oil-rises-above-70-as-opec-cuts-us-sanctions-outweigh-trade-war-worries
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Sanctions and OPEC cuts tighten crude supply, which supports diesel and energy input costs for feed mills and transport. Higher crude also tends to support biofuel economics, which can lift vegetable oil demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-05-28 | [Brent raised above USD 70 by cuts and sanctions](https://feedsoft.ai/events/59244-brent-raised-above-usd-70-by-cuts-and-sanctions.md) | -9.0% | -4.9% |
| BRENT | 2019-03-29 | [Oil prices rise amid OPEC's ongoing supply cuts, U.S. sanctions](https://feedsoft.ai/events/60279-oil-prices-rise-amid-opec-s-ongoing-supply-cuts-u-s-sanctions.md) | +4.0% | +6.9% |
| BRENT | 2019-02-11 | [Sanctions, OPEC cuts push Asia's sour crude oil prices above Brent - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/60780-sanctions-opec-cuts-push-asia-s-sour-crude-oil-prices-above-brent-energy-news.md) | +6.8% | +6.4% |
| BRENT | 2019-03-01 | [oil: Oil rises on OPEC supply cuts, but surging US output and economic slowdown weigh - The Economic Times](https://feedsoft.ai/events/60280-oil-oil-rises-on-opec-supply-cuts-but-surging-us-output-and-economic-slowdown.md) | +0.0% | +2.2% |
| BRENT | 2019-01-29 | [Oil prices rise as US imposes sanctions on Venezuela](https://feedsoft.ai/events/61242-oil-prices-rise-as-us-imposes-sanctions-on-venezuela.md) | +4.3% | +7.6% |
| WTI | 2019-03-29 | [Oil prices rise amid OPEC's ongoing supply cuts, U.S. sanctions](https://feedsoft.ai/events/60279-oil-prices-rise-amid-opec-s-ongoing-supply-cuts-u-s-sanctions.md) | +4.8% | +6.7% |
| WTI | 2019-03-01 | [oil: Oil rises on OPEC supply cuts, but surging US output and economic slowdown weigh - The Economic Times](https://feedsoft.ai/events/60280-oil-oil-rises-on-opec-supply-cuts-but-surging-us-output-and-economic-slowdown.md) | -1.0% | +3.6% |
| WTI | 2019-01-29 | [Oil prices rise as US imposes sanctions on Venezuela](https://feedsoft.ai/events/61242-oil-prices-rise-as-us-imposes-sanctions-on-venezuela.md) | +5.2% | +6.8% |

## Sources

- zeebiz.com: https://www.zeebiz.com/world/news-brent-oil-rises-above-70-as-opec-cuts-us-sanctions-outweigh-trade-war-worries-100368

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