# Crude Oil/WTI: Oil caught a bid on report of OPEC-NOPEC long-term alliance and softer USD — Octa

> Reports said OPEC and non-OPEC producers including Russia may form a long-term production-control alliance effective by December 2018. WTI rebounded toward $61.50 on February 16, 2018 as the dollar weakened.

- Date: 2018-02-16 · published 2018-02-16T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/66663-crude-oil-wti-oil-caught-a-bid-on-report-of-opec-nopec-long-term-alliance-and
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A durable OPEC-Russia alliance would support crude prices, while a weaker dollar supports dollar-priced commodities. Both factors can lift energy and biofuel input costs.

## Read by commodity

- DXY: bearish ▼
- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-04-26 | [OPEC and Non-OPEC Crude Oil Production Agreement: Compliance Status - EveryCRSReport.com](https://feedsoft.ai/events/65424-opec-and-non-opec-crude-oil-production-agreement-compliance-status.md) | -0.1% | +5.6% |
| WTI | 2017-12-01 | [Brent crude and West Texas Intermediate (WTI) oil price: Opec-led supply cut extension boosts oil prices](https://feedsoft.ai/events/67644-brent-crude-and-west-texas-intermediate-wti-oil-price-opec-led-supply-cut.md) | -1.5% | +5.3% |
| WTI | 2023-04-02 | [Oil prices: Brent crude, WTI surge after OPEC producers announce production cuts \| CNN Business](https://feedsoft.ai/events/7953-oil-prices-brent-crude-wti-surge-after-opec-producers-announce-production-cuts.md) | +5.4% | -0.0% |
| WTI | 2024-05-02 | [Oil alliance OPEC+ extends collective crude production cuts into 2025](https://feedsoft.ai/events/29653-oil-alliance-opec-extends-collective-crude-production-cuts-into-2025.md) | -0.1% | -1.9% |
| WTI | 2018-06-22 | [Crude oil prices jump in reaction to OPEC deal By Seeking Alpha](https://feedsoft.ai/events/11575-crude-oil-prices-jump-in-reaction-to-opec-deal-by-seeking-alpha.md) | +11.9% | +7.2% |
| BRENT | 2018-04-26 | [OPEC and Non-OPEC Crude Oil Production Agreement: Compliance Status - EveryCRSReport.com](https://feedsoft.ai/events/65424-opec-and-non-opec-crude-oil-production-agreement-compliance-status.md) | -0.9% | +7.2% |
| BRENT | 2017-12-01 | [Brent crude and West Texas Intermediate (WTI) oil price: Opec-led supply cut extension boosts oil prices](https://feedsoft.ai/events/67644-brent-crude-and-west-texas-intermediate-wti-oil-price-opec-led-supply-cut.md) | -2.0% | +4.9% |
| BRENT | 2023-04-02 | [Oil prices: Brent crude, WTI surge after OPEC producers announce production cuts \| CNN Business](https://feedsoft.ai/events/7953-oil-prices-brent-crude-wti-surge-after-opec-producers-announce-production-cuts.md) | +7.4% | +1.0% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/541332/

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