# Oil near 2½-year highs after OPEC extends output cuts

> Oil prices spiked toward 2½-year highs on Friday after two dozen producers agreed to limit output through the end of 2018. WTI rose 1.7% to $58.38 and Brent gained 1.8% to $63.74 by late morning.

- Date: 2017-12-01 · published 2017-12-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/67641-oil-near-21-2-year-highs-after-opec-extends-output-cuts
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

A firm OPEC-led supply cut supports crude prices, which raises costs for energy, transport and fertilizer inputs used in feed production. Higher oil also tends to lift biofuel economics, which can support vegetable oil demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-01-01 | [OPEC+ delays oil output hike until April, extends cuts into 2026](https://feedsoft.ai/events/26869-opec-delays-oil-output-hike-until-april-extends-cuts-into-2026.md) | +2.2% | +1.1% |
| WTI | 2024-04-01 | [OPEC+ members extend oil output cuts to second quarter](https://feedsoft.ai/events/31108-opec-members-extend-oil-output-cuts-to-second-quarter.md) | +4.5% | +1.4% |
| WTI | 2019-07-02 | [OPEC, Russia Agree To Extend Oil Output Cuts Into 2020](https://feedsoft.ai/events/58009-opec-russia-agree-to-extend-oil-output-cuts-into-2020.md) | -2.2% | -1.6% |
| WTI | 2021-11-01 | [Oil hits multi-year highs as OPEC+ sticks to output plan](https://feedsoft.ai/events/44446-oil-hits-multi-year-highs-as-opec-sticks-to-output-plan.md) | -2.7% | -16.3% |
| WTI | 2017-02-10 | [Oil overhang points to need for extended OPEC output cuts](https://feedsoft.ai/events/72406-oil-overhang-points-to-need-for-extended-opec-output-cuts.md) | +0.8% | -9.1% |
| BRENT | 2025-01-01 | [OPEC+ delays oil output hike until April, extends cuts into 2026](https://feedsoft.ai/events/26869-opec-delays-oil-output-hike-until-april-extends-cuts-into-2026.md) | +2.9% | +2.9% |
| BRENT | 2019-07-02 | [OPEC, Russia Agree To Extend Oil Output Cuts Into 2020](https://feedsoft.ai/events/58009-opec-russia-agree-to-extend-oil-output-cuts-into-2020.md) | -0.9% | -3.2% |
| BRENT | 2024-04-01 | [OPEC+ members extend oil output cuts to second quarter](https://feedsoft.ai/events/31108-opec-members-extend-oil-output-cuts-to-second-quarter.md) | +5.9% | +3.3% |

## Sources

- cnbc.com: https://www.cnbc.com/2017/11/30/oil-markets-opec-production-cut-extension-in-focus.html
- cnbc.com: https://www.cnbc.com/2017/12/01/oil-near-2-12-year-highs-after-opec-extends-output-cuts.html

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