# Oil trades below $70 as traders assess supply shortage  | The National

> Oil traded below $70 a barrel as investors weighed whether OPEC and allies could offset expected supply losses from U.S. sanctions on Iran. Futures in New York fell up to 0.8 per cent after two days of gains. OPEC warned that trade tensions and emerging market crises could hurt demand.

- Date: 2018-09-13 · published 2018-09-13T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/63208-oil-trades-below-70-as-traders-assess-supply-shortage-the-national
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Uncertainty over whether OPEC can fill the Iranian supply gap keeps crude volatile, while demand concerns from trade tensions could cap gains.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-07-13 | [Oil rises but declines for the week as supply concerns ease](https://feedsoft.ai/events/10095-oil-rises-but-declines-for-the-week-as-supply-concerns-ease.md) | -1.2% | -5.0% |
| WTI | 2021-06-30 | [Oil steady, traders on sidelines as OPEC+ talks drag on - The Globe and Mail](https://feedsoft.ai/events/46755-oil-steady-traders-on-sidelines-as-opec-talks-drag-on-the-globe-and-mail.md) | -1.2% | -1.0% |
| WTI | 2020-11-30 | [Opec set for annual meeting to discuss next phase of oil production policy \| The National](https://feedsoft.ai/events/50063-opec-set-for-annual-meeting-to-discuss-next-phase-of-oil-production-policy-the.md) | +1.5% | +4.3% |
| WTI | 2026-07-31 | [WTI Oil rises as geopolitical risks keep supply concerns alive](https://feedsoft.ai/events/18520-wti-oil-rises-as-geopolitical-risks-keep-supply-concerns-alive.md) | -7.4% | -0.3% |
| WTI | 2025-06-23 | [Update: oil prices fall back after short-lived surge in early trading - FreightWaves](https://feedsoft.ai/events/8645-update-oil-prices-fall-back-after-short-lived-surge-in-early-trading.md) | -12.2% | -9.7% |
| BRENT | 2018-07-13 | [Oil rises but declines for the week as supply concerns ease](https://feedsoft.ai/events/10095-oil-rises-but-declines-for-the-week-as-supply-concerns-ease.md) | -1.4% | -2.7% |
| BRENT | 2021-06-30 | [Oil steady, traders on sidelines as OPEC+ talks drag on - The Globe and Mail](https://feedsoft.ai/events/46755-oil-steady-traders-on-sidelines-as-opec-talks-drag-on-the-globe-and-mail.md) | +0.1% | -0.5% |
| BRENT | 2018-07-31 | [Aramco unlikely to reduce oil exports to West after Houthi attack, analysts say \| The National](https://feedsoft.ai/events/63932-aramco-unlikely-to-reduce-oil-exports-to-west-after-houthi-attack-analysts-say.md) | -2.5% | +0.4% |

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/energy/oil-trades-below-70-as-traders-assess-supply-shortage-1.769794

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