# Brent oil near two-year highs as OPEC's compliance with cuts improves

> Brent crude traded near two-year highs of about $61 a barrel as OPEC and Russia improved compliance with their pledged cuts of about 1.8 million bpd. Saudi Arabia was expected to raise its December official selling prices to Asia to levels not seen since 2013 or 2014.

- Date: 2017-11-01 · published 2017-11-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/68143-brent-oil-near-two-year-highs-as-opec-s-compliance-with-cuts-improves
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Tighter crude supply lifts energy costs and supports the bullish case for biofuel feedstocks such as soybean oil and palm oil, which can lift vegetable oil and meal prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-09-17 | [Oil reverses losses to gain 2% as OPEC urges compliance with production cuts](https://feedsoft.ai/events/51278-oil-reverses-losses-to-gain-2-as-opec-urges-compliance-with-production-cuts.md) | -0.7% | +2.0% |
| BRENT | 2017-12-01 | [Oil near 2½-year highs after OPEC extends output cuts](https://feedsoft.ai/events/67641-oil-near-21-2-year-highs-after-opec-extends-output-cuts.md) | -2.0% | +4.9% |
| BRENT | 2017-02-26 | [OPEC, non-OPEC reach 86 percent compliance with product cuts \| Al Bawaba](https://feedsoft.ai/events/72414-opec-non-opec-reach-86-percent-compliance-with-product-cuts-al-bawaba.md) | -0.6% | -9.0% |
| BRENT | 2020-08-17 | [OPEC+ panel focuses on compliance with oil cuts, calls for 'vigilance'](https://feedsoft.ai/events/51533-opec-panel-focuses-on-compliance-with-oil-cuts-calls-for-vigilance.md) | -1.5% | -12.3% |
| BRENT | 2020-08-19 | [OPEC+ meets to review compliance with oil cuts - Markets - Business Recorder](https://feedsoft.ai/events/51536-opec-meets-to-review-compliance-with-oil-cuts-markets-business-recorder.md) | +1.2% | -11.8% |
| WTI | 2020-09-17 | [Oil reverses losses to gain 2% as OPEC urges compliance with production cuts](https://feedsoft.ai/events/51278-oil-reverses-losses-to-gain-2-as-opec-urges-compliance-with-production-cuts.md) | -0.6% | +1.9% |
| WTI | 2017-12-01 | [Oil near 2½-year highs after OPEC extends output cuts](https://feedsoft.ai/events/67641-oil-near-21-2-year-highs-after-opec-extends-output-cuts.md) | -1.5% | +5.3% |
| WTI | 2017-02-26 | [OPEC, non-OPEC reach 86 percent compliance with product cuts \| Al Bawaba](https://feedsoft.ai/events/72414-opec-non-opec-reach-86-percent-compliance-with-product-cuts-al-bawaba.md) | -1.2% | -12.0% |

## Sources

- business-standard.com: https://www.business-standard.com/article/reuters/brent-oil-near-two-year-highs-as-opec-s-compliance-with-cuts-improves-117110100103_1.html

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