# How OPEC's refusal to ease supply hike oil prices | Daily Times Nigeria News - Nigeria and World NewsDAILY TIMES Nigeria

> Oil rose on Feb 27 after OPEC signaled it would keep its supply cuts despite pressure from President Trump. WTI was at $55.99 a barrel and Brent at $65.65. The American Petroleum Institute reported a 4.2 million barrel draw in US crude inventories for the week to Feb 22.

- Date: 2019-02-28 · published 2019-02-28T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/60763-how-opec-s-refusal-to-ease-supply-hike-oil-prices-daily-times-nigeria-news
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

OPEC+ commitment to hold back about 1.2 million bpd keeps supply tight and supports crude prices. Firmer energy prices raise input and freight costs for feed and oilseed processing.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-09-05 | [OPEC+ makes small trim to world oil supplies as prices fall \| AP News](https://feedsoft.ai/events/39511-opec-makes-small-trim-to-world-oil-supplies-as-prices-fall-ap-news.md) | +1.0% | -3.7% |
| WTI | 2025-06-13 | [Soybeans and Bean Oil Surge on RVO News: How High Will Prices Run?](https://feedsoft.ai/events/5340-soybeans-and-bean-oil-surge-on-rvo-news-how-high-will-prices-run.md) | +10.2% | +1.1% |
| WTI | 2016-11-30 | [OPEC hashes out a major deal to cut oil production — and prices surge worldwide \| Vox](https://feedsoft.ai/events/74024-opec-hashes-out-a-major-deal-to-cut-oil-production-and-prices-surge-worldwide.md) | +12.5% | +19.3% |
| WTI | 2017-03-01 | [Oil prices rise as OPEC production cut trims supply  \| Globalnews.ca](https://feedsoft.ai/events/72179-oil-prices-rise-as-opec-production-cut-trims-supply-globalnews-ca.md) | -2.2% | -10.4% |
| WTI | 2022-09-19 | [Oil edges up as supply woes outweigh demand and rate hike worries \| Reuters](https://feedsoft.ai/events/39750-oil-edges-up-as-supply-woes-outweigh-demand-and-rate-hike-worries-reuters.md) | -7.6% | +0.6% |
| BRENT | 2022-09-05 | [OPEC+ makes small trim to world oil supplies as prices fall \| AP News](https://feedsoft.ai/events/39511-opec-makes-small-trim-to-world-oil-supplies-as-prices-fall-ap-news.md) | -0.9% | -5.0% |
| BRENT | 2016-11-30 | [OPEC hashes out a major deal to cut oil production — and prices surge worldwide \| Vox](https://feedsoft.ai/events/74024-opec-hashes-out-a-major-deal-to-cut-oil-production-and-prices-surge-worldwide.md) | +16.7% | +22.1% |
| BRENT | 2017-03-01 | [Oil prices rise as OPEC production cut trims supply  \| Globalnews.ca](https://feedsoft.ai/events/72179-oil-prices-rise-as-opec-production-cut-trims-supply-globalnews-ca.md) | +1.5% | -6.3% |

## Sources

- dailytimesng.com: https://dailytimesng.com/how-opecs-refusal-to-ease-supply-hike-oil-prices/

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