# Why Oil Prices Are Surging | OilPrice.com

> WTI rallied more than 4% after OPEC announced a production increase of about one million barrels per day, which the market viewed as underwhelming. Realistic output gains may be closer to 700,000 bpd because some members are already pumping at capacity.

- Date: 2018-06-30 · published 2018-06-30T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/64675-why-oil-prices-are-surging-oilprice-com
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

The modest OPEC increase leaves the market tighter than expected, with IEA data showing a growing call on OPEC supply. This supports crude and, through biofuel demand, vegetable oil prices.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- oilprice.com: https://oilprice.com/Energy/Energy-General/Why-Oil-Prices-Are-Surging.html

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