# Crude on the upswing as output increases fade in the distance — Octa

> Crude oil opened higher on Monday after Saudi Arabia said OPEC would not raise output limits soon despite U.S. pressure. WTI traded near $70.60 to $71.50. OPEC expects global supply to outpace demand again in 2019, and the next meeting is set for early December.

- Date: 2018-09-24 · published 2018-09-24T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/63207-crude-on-the-upswing-as-output-increases-fade-in-the-distance-octa
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

OPEC's refusal to add barrels ahead of Iran sanctions supports crude prices, with energy costs feeding into feed and freight expenses.

## Read by commodity

- WTI: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-04-05 | [Opec+ approves ‘in principle’ May output increase amid war-related supply disruptions \| The National](https://feedsoft.ai/events/19610-opec-approves-in-principle-may-output-increase-amid-war-related-supply.md) | -13.2% | -7.5% |
| WTI | 2026-03-02 | [Rystad Energy: OPEC+ announces crude production increase following US-Israel strikes on Iran \| Oilfield Technology](https://feedsoft.ai/events/20083-rystad-energy-opec-announces-crude-production-increase-following-us-israel.md) | +35.6% | +50.4% |
| WTI | 2026-03-06 | [Wheat Climbs the Most Since 2024 as Grains Follow Surging Crude](https://feedsoft.ai/events/9847-wheat-climbs-the-most-since-2024-as-grains-follow-surging-crude.md) | +18.2% | +39.2% |
| WTI | 2026-04-02 | [U.S. crude on Thursday did something it's never done before as Iran war continues](https://feedsoft.ai/events/12726-u-s-crude-on-thursday-did-something-it-s-never-done-before-as-iran-war-continues.md) | -2.2% | +6.1% |
| WTI | 2022-09-27 | [Crude Rallies on Reports Russia Will Push for OPEC+ to Cut Output](https://feedsoft.ai/events/39752-crude-rallies-on-reports-russia-will-push-for-opec-to-cut-output.md) | +9.0% | +11.1% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/615346/

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