# Oil piles on losses following OPEC+ deal to boost supply, rising COVID cases | Reuters

> Oil fell about $5 a barrel on Monday, its worst day since March, after OPEC+ agreed to boost output. Rising COVID-19 infections driven by the Delta variant raised concerns about demand.

- Date: 2021-07-19 · published 2021-07-19T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/6357-oil-piles-on-losses-following-opec-deal-to-boost-supply-rising-covid-cases
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected supply increases combined with demand fears push crude lower, and the energy selloff weighs on feed-linked costs such as biofuel-related soybean oil and diesel.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2021-07-19 | 1 | -6.9% | -5.1 | Reports Brent/oil fell about $5 on July 19, its worst day since March, as the OPEC+ deal to boost output (supply) combined with Delta-driven demand fears. |
| WTI | 2021-07-19 | 5 | -10.4% | -3.2 | Oil fell about $5 on its worst day since March as the OPEC+ output increase combined with Delta demand worries. |
| BRENT | 2021-07-18 | 1 | -3.4% | -3.9 | Brent fell about $5 on Monday July 19, its worst day since March, after the OPEC+ output increase deal and Delta demand fears, which matches the measured drop. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-07-18 | [OPEC+ agrees oil supply boost after UAE, Saudi reach compromise \| Reuters](https://feedsoft.ai/events/45985-opec-agrees-oil-supply-boost-after-uae-saudi-reach-compromise-reuters.md) | +0.6% | -4.7% |
| WTI | 2025-04-03 | [Oil dives more than 6%, steepest fall in 3 years on tariffs, OPEC+ supply boost \| Reuters](https://feedsoft.ai/events/6316-oil-dives-more-than-6-steepest-fall-in-3-years-on-tariffs-opec-supply-boost.md) | -13.1% | -16.5% |
| WTI | 2021-07-19 | [U.S. oil drops 8% to below $70 amid OPEC production boost and Covid fears](https://feedsoft.ai/events/6358-u-s-oil-drops-8-to-below-70-amid-opec-production-boost-and-covid-fears.md) | +0.6% | -4.7% |
| WTI | 2022-01-04 | [OPEC+ decision reflects easing concern of oil surplus, Omicron risk \| Reuters](https://feedsoft.ai/events/43058-opec-decision-reflects-easing-concern-of-oil-surplus-omicron-risk-reuters.md) | +2.8% | +16.0% |
| WTI | 2020-08-03 | [Oil falls on supply glut fears as OPEC+ set to boost output - Markets - Business Recorder](https://feedsoft.ai/events/51785-oil-falls-on-supply-glut-fears-as-opec-set-to-boost-output-markets-business.md) | +2.5% | +7.0% |
| BRENT | 2021-07-18 | [OPEC+ agrees oil supply boost after UAE, Saudi reach compromise \| Reuters](https://feedsoft.ai/events/45985-opec-agrees-oil-supply-boost-after-uae-saudi-reach-compromise-reuters.md) | +0.6% | -4.4% |
| BRENT | 2025-04-03 | [Oil dives more than 6%, steepest fall in 3 years on tariffs, OPEC+ supply boost \| Reuters](https://feedsoft.ai/events/6316-oil-dives-more-than-6-steepest-fall-in-3-years-on-tariffs-opec-supply-boost.md) | -12.8% | -18.2% |
| BRENT | 2021-07-19 | [U.S. oil drops 8% to below $70 amid OPEC production boost and Covid fears](https://feedsoft.ai/events/6358-u-s-oil-drops-8-to-below-70-amid-opec-production-boost-and-covid-fears.md) | +0.6% | -4.4% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-falls-more-than-1-after-opec-agrees-boost-supply-2021-07-19/

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