# Arab News | Oil rises on expected OPEC cuts, but surging US supply drags

> Oil prices rose on Nov 16 on expectations that OPEC would soon withhold supply, though record US output limited gains. WTI traded near $56.84 and Brent near $67.10. US production has risen by almost a quarter since the start of the year, and Morgan Stanley warned that OPEC cuts may not address light-sweet oversupply.

- Date: 2018-11-16 · published 2018-11-16T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/62217-arab-news-oil-rises-on-expected-opec-cuts-but-surging-us-supply-drags
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected OPEC cuts support crude and energy-linked commodities, but the record US output and light-sweet glut cap the upside. Traders should watch whether firmer crude feeds through to biofuel demand and vegetable oil prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- arabnews.com: https://www.arabnews.com/business/oil-rises-on-expected-opec-cuts-but-surging-us-supply-drags-1405746

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