# OPEC increased production by 70,000 barrels per day during the month of July - Sprague Energy

> Oil settled higher on July 30, 2018 despite a Reuters survey showing OPEC output rose 70,000 bpd in July. WTI closed above $70 a barrel for the first time in three weeks, with US inventories at a three-year low.

- Date: 2018-07-31 · published 2018-07-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/64228-opec-increased-production-by-70-000-barrels-per-day-during-the-month-of-july
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Tight US inventories and lower global supply kept prices firm despite the OPEC output increase, supporting crude costs that feed into energy and freight expenses for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- spragueenergy.com: https://www.spragueenergy.com/opec-increased-production-by-70000-barrels-per-day-during-the-month-of-july/

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