# Oil pares gains after report OPEC, allies considering supply hike

> U.S. crude settled up 46 cents at $70.78 on Thursday after a Reuters report said OPEC and allies were considering a 500,000 barrel per day output increase. Prices pared gains after the report, and Brent rose as high as $80.12 before falling. Trump had criticized OPEC on Twitter and urged lower prices.

- Date: 2018-09-21 · published 2018-09-21T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/63204-oil-pares-gains-after-report-opec-allies-considering-supply-hike
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Reports of possible OPEC supply increases cap crude prices, which limits energy cost pressure on feed and ethanol-linked margins.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-09-21 | [Exclusive - OPEC and allies consider oil output boost as Iranian supply falls: source \| Reuters](https://feedsoft.ai/events/62930-exclusive-opec-and-allies-consider-oil-output-boost-as-iranian-supply-falls.md) | +1.9% | -3.0% |
| WTI | 2024-08-30 | [Crude Oil snaps support after OPEC sources confirm gradual reopening of production](https://feedsoft.ai/events/28976-crude-oil-snaps-support-after-opec-sources-confirm-gradual-reopening-of.md) | -10.8% | -10.5% |
| WTI | 2026-06-25 | [Brent oil erases wartime gains as Hormuz reopening boosts supply - The Japan Times](https://feedsoft.ai/events/18992-brent-oil-erases-wartime-gains-as-hormuz-reopening-boosts-supply-the-japan-times.md) | -2.4% | +23.0% |
| WTI | 2025-05-27 | [Oil prices ease as US-Iran talks, OPEC+ plans spur supply concerns](https://feedsoft.ai/events/24853-oil-prices-ease-as-us-iran-talks-opec-plans-spur-supply-concerns.md) | +0.9% | +4.3% |
| WTI | 2025-08-05 | [Oil prices fall as OPEC+ output hikes counter Russia disruption concerns \| Reuters](https://feedsoft.ai/events/23233-oil-prices-fall-as-opec-output-hikes-counter-russia-disruption-concerns-reuters.md) | -3.4% | -1.7% |
| BRENT | 2018-09-21 | [Exclusive - OPEC and allies consider oil output boost as Iranian supply falls: source \| Reuters](https://feedsoft.ai/events/62930-exclusive-opec-and-allies-consider-oil-output-boost-as-iranian-supply-falls.md) | +3.5% | +1.2% |
| BRENT | 2024-08-30 | [Crude Oil snaps support after OPEC sources confirm gradual reopening of production](https://feedsoft.ai/events/28976-crude-oil-snaps-support-after-opec-sources-confirm-gradual-reopening-of.md) | -8.9% | -10.4% |
| BRENT | 2026-06-25 | [Brent oil erases wartime gains as Hormuz reopening boosts supply - The Japan Times](https://feedsoft.ai/events/18992-brent-oil-erases-wartime-gains-as-hormuz-reopening-boosts-supply-the-japan-times.md) | -3.4% | +29.1% |

## Sources

- cnbc.com: https://www.cnbc.com/2018/09/21/oil-markets-opec-and-allies-weekend-meeting-in-focus.html

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