# Oil prices rise as markets tighten due to OPEC supply cuts

> Oil prices increased on March 1 as OPEC supply cuts tightened markets, with Brent up 0.81% at $66.85 and WTI up 0.77% at $57.66. Venezuelan exports fell 40% to about 920,000 bpd after U.S. sanctions. The U.S. Department of Energy also announced the sale of up to six million barrels from the Strategic Petroleum Reserve.

- Date: 2019-03-01 · published 2019-03-01T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/60286-oil-prices-rise-as-markets-tighten-due-to-opec-supply-cuts
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

OPEC cuts and sanctions support crude prices, while the SPR sale adds some supply that could cap gains in the near term.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-07-29 | [OPEC+ meeting on Aug. 3: Oil prices rise on tight supply \| Stock Market News](https://feedsoft.ai/events/40663-opec-meeting-on-aug-3-oil-prices-rise-on-tight-supply-stock-market-news.md) | -8.0% | -5.2% |
| 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 | 2018-08-28 | [Oil prices rise on expectations of tightening market on supply risks, ETEnergyworld](https://feedsoft.ai/events/63701-oil-prices-rise-on-expectations-of-tightening-market-on-supply-risks.md) | +0.3% | +4.9% |
| WTI | 2022-08-29 | [Oil prices climb on OPEC supply cut prospect, rise in demand](https://feedsoft.ai/events/40197-oil-prices-climb-on-opec-supply-cut-prospect-rise-in-demand.md) | -6.7% | -17.6% |
| WTI | 2019-09-19 | [Oil prices rise as Saudi supply risks come into focus](https://feedsoft.ai/events/57239-oil-prices-rise-as-saudi-supply-risks-come-into-focus.md) | -3.0% | -8.2% |
| BRENT | 2022-07-29 | [OPEC+ meeting on Aug. 3: Oil prices rise on tight supply \| Stock Market News](https://feedsoft.ai/events/40663-opec-meeting-on-aug-3-oil-prices-rise-on-tight-supply-stock-market-news.md) | -11.4% | -8.6% |
| 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 | 2018-08-28 | [Oil prices rise on expectations of tightening market on supply risks, ETEnergyworld](https://feedsoft.ai/events/63701-oil-prices-rise-on-expectations-of-tightening-market-on-supply-risks.md) | +3.1% | +7.6% |

## Sources

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

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