# Oil Rises to Highest This Year as OPEC Curbs Stoke Optimism - Bloomberg

> Crude futures in New York rose 1.6% to settle at their highest level since November, the highest this year. OPEC production declines, with Saudi Arabia continuing its output curbs and power blackouts in Venezuela cutting supply, drove the gain. Oil held its gains despite an unexpected jump in U.S. crude supplies in the latest industry report.

- Date: 2019-04-01 · published 2019-04-01T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/59750-oil-rises-to-highest-this-year-as-opec-curbs-stoke-optimism-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Continued OPEC and Venezuelan supply losses are tightening the global crude balance, which supports higher crude prices. Higher crude lifts diesel and energy costs for feed producers and can pull soybean oil and other vegetable oils higher through biofuel economics.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2019-04-01/oil-holds-advance-as-opec-s-output-curbs-ease-oversupply-fears

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