# Oil Rallying After Report Says OPEC Keeping Supply Cuts Through 2018 - Markets Insider

> Oil rose more than 2% on Wednesday after a report said OPEC could extend its supply cuts through the end of 2018. WTI climbed 2.2% to $68.35 a barrel and Brent gained 2.72% to $77.45. Prices had slid the previous week after OPEC signaled it could raise output amid Venezuelan supply disruptions.

- Date: 2018-05-30 · published 2018-05-30T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/65178-oil-rallying-after-report-says-opec-keeping-supply-cuts-through-2018-markets
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Extended OPEC cuts tighten crude supply, which lifts energy costs for feed mills and transport. Higher crude also supports biofuel economics and feedstock demand for corn and vegetable oils.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-04-08 | [Oil market to get “extremely tight” if OPEC continues supply cuts, Citadel reports](https://feedsoft.ai/events/30932-oil-market-to-get-extremely-tight-if-opec-continues-supply-cuts-citadel-reports.md) | -1.4% | -9.5% |
| WTI | 2023-12-01 | [Deeper OPEC+ supply cuts \| articles \| ING THINK](https://feedsoft.ai/events/32488-deeper-opec-supply-cuts-articles-ing-think.md) | -8.8% | -5.2% |
| WTI | 2022-09-05 | [OPEC+ agrees to make token supply cut to steady oil market](https://feedsoft.ai/events/39516-opec-agrees-to-make-token-supply-cut-to-steady-oil-market.md) | +1.0% | -3.7% |
| WTI | 2019-12-06 | [Deeper OPEC+  supply cuts sends supportive signal to markets \| Wood Mackenzie](https://feedsoft.ai/events/55493-deeper-opec-supply-cuts-sends-supportive-signal-to-markets-wood-mackenzie.md) | +1.3% | +7.9% |
| WTI | 2023-01-19 | [Opec has more 'market power' as oil supply concerns return, Goldman Sachs says \| The National](https://feedsoft.ai/events/37957-opec-has-more-market-power-as-oil-supply-concerns-return-goldman-sachs-says-the.md) | +0.5% | -1.2% |
| BRENT | 2024-04-08 | [Oil market to get “extremely tight” if OPEC continues supply cuts, Citadel reports](https://feedsoft.ai/events/30932-oil-market-to-get-extremely-tight-if-opec-continues-supply-cuts-citadel-reports.md) | -0.2% | -9.5% |
| BRENT | 2023-12-01 | [Deeper OPEC+ supply cuts \| articles \| ING THINK](https://feedsoft.ai/events/32488-deeper-opec-supply-cuts-articles-ing-think.md) | -9.9% | -6.0% |
| BRENT | 2022-09-05 | [OPEC+ agrees to make token supply cut to steady oil market](https://feedsoft.ai/events/39516-opec-agrees-to-make-token-supply-cut-to-steady-oil-market.md) | -0.9% | -5.0% |

## Sources

- markets.businessinsider.com: https://markets.businessinsider.com/commodities/news/oil-price-opec-keeping-supply-cuts-through-2018-report-2018-5-1025867317

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