# Oil Market: Latest News in Crude Prices, Production, OPEC - Bloomberg

> Futures in New York fell 7.5% on Monday, the largest decline since September. OPEC and allies agreed to monthly supply hikes of 400,000 barrels a day while the delta variant stoked risk-off sentiment.

- Date: 2021-07-18 · published 2021-07-18T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/6359-oil-market-latest-news-in-crude-prices-production-opec-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Lower crude prices and a stronger dollar reduce energy-linked and dollar-priced commodity support, with demand worries adding to downside pressure.

## Read by commodity

- DXY: bullish ▲
- WTI: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2021-07-19 | 5 | -10.4% | -3.2 | Futures fell 7.5% as the monthly supply hikes were agreed and the Delta variant drove risk-off sentiment. |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2021-07-18/oil-declines-after-opec-agrees-to-boost-production-into-2022

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