# Oil markets: OPEC supply cuts in focus

> WTI and Brent crude rose for a third day after an EIA weekly report showed U.S. imports of Saudi crude fell by more than half to 442,000 bpd, the second-lowest level since 2010. WTI was near $54.58 and Brent near $62.17.

- Date: 2019-01-31 · published 2019-01-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/61241-oil-markets-opec-supply-cuts-in-focus
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Lower Saudi cargoes into the U.S. signal OPEC supply cuts tightening the market, supporting crude prices. Higher energy costs typically feed through to diesel and biofuel economics, which can support soybean oil and feed-ingredient pricing.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- cnbc.com: https://www.cnbc.com/2019/01/31/oil-markets-opec-supply-cuts-in-focus.html

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