# Oil prices slip on OPEC deal extension jitters

> US crude settled at $57.99 and Brent fell to around $63.64 as traders awaited OPEC's decision on extending output cuts. Saudi Arabia reportedly wants a nine-month extension, while Russia is hesitant. A fire at Exxon's Beaumont refinery also briefly pressured prices.

- Date: 2017-11-28 · published 2017-11-28T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/68141-oil-prices-slip-on-opec-deal-extension-jitters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Uncertainty over how long OPEC cuts last weighs on crude prices, which feed into diesel and fuel costs for feed logistics and can shift biofuel economics that influence vegetable oil demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-12-01 | [U.S. Shale To Surge After OPEC Extension \| OilPrice.com](https://feedsoft.ai/events/67413-u-s-shale-to-surge-after-opec-extension-oilprice-com.md) | -1.5% | +5.3% |
| WTI | 2019-04-28 | [Global oil prices slip after US demands OPEC to increase output](https://feedsoft.ai/events/8098-global-oil-prices-slip-after-us-demands-opec-to-increase-output.md) | -2.1% | -7.6% |
| WTI | 2018-06-23 | [OPEC deal to raise oil production will 'rein in prices' - Algerian PM](https://feedsoft.ai/events/64448-opec-deal-to-raise-oil-production-will-rein-in-prices-algerian-pm.md) | +7.6% | -1.4% |
| WTI | 2020-12-01 | [Oil slides as OPEC+ delays decision on output cuts](https://feedsoft.ai/events/49561-oil-slides-as-opec-delays-decision-on-output-cuts.md) | +1.1% | +5.9% |
| WTI | 2023-12-01 | [Oil prices down 2% on U.S. rig count, underwhelming OPEC+ cuts](https://feedsoft.ai/events/32906-oil-prices-down-2-on-u-s-rig-count-underwhelming-opec-cuts.md) | -8.8% | -5.2% |
| BRENT | 2019-04-28 | [Global oil prices slip after US demands OPEC to increase output](https://feedsoft.ai/events/8098-global-oil-prices-slip-after-us-demands-opec-to-increase-output.md) | -0.3% | -4.5% |
| BRENT | 2018-06-23 | [OPEC deal to raise oil production will 'rein in prices' - Algerian PM](https://feedsoft.ai/events/64448-opec-deal-to-raise-oil-production-will-rein-in-prices-algerian-pm.md) | +5.1% | -2.8% |
| BRENT | 2020-12-01 | [Oil slides as OPEC+ delays decision on output cuts](https://feedsoft.ai/events/49561-oil-slides-as-opec-delays-decision-on-output-cuts.md) | +3.2% | +7.5% |

## Sources

- cnbc.com: https://www.cnbc.com/2017/11/27/oil-markets-focus-on-uncertainty-over-opec-cuts-pipeline-restart.html

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