# Oil approaches 2-year highs but US export increase looms crude exports | The National

> Oil prices settled higher on a monthly gain of more than 5 percent as Brent approached two-year highs. The WTI discount to Brent widened to nearly $7, which opened the way for a spike in US crude exports, now close to 2 million bpd. Shale producers may add rigs as prices rise.

- Date: 2017-10-31 · published 2017-10-31T12:00:00.000Z
- Category: trade · region US · magnitude medium
- Page: https://feedsoft.ai/events/68150-oil-approaches-2-year-highs-but-us-export-increase-looms-crude-exports-the
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A wider Brent-WTI spread that pulls US crude abroad can tighten domestic US supply and push WTI relative to Brent, affecting US energy and freight costs for feed buyers.

## Read by commodity

- WTI: bearish ▼
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-08-23 | [Oil slips as trade spat escalates; but crude stock decline supports U.S. crude](https://feedsoft.ai/events/63702-oil-slips-as-trade-spat-escalates-but-crude-stock-decline-supports-u-s-crude.md) | +2.6% | +4.3% |
| WTI | 2025-04-06 | [Oil prices slide 2% to near 4-year low as US trade conflict fuels recession fears \| Reuters](https://feedsoft.ai/events/6318-oil-prices-slide-2-to-near-4-year-low-as-us-trade-conflict-fuels-recession.md) | -0.8% | -6.8% |
| WTI | 2019-08-01 | [Crude Ends Week Lower After Largest Dip in More Than Four Years - Bloomberg](https://feedsoft.ai/events/8493-crude-ends-week-lower-after-largest-dip-in-more-than-four-years-bloomberg.md) | -12.7% | -4.7% |
| WTI | 2025-04-08 | [Oil settles down $1 at four-year low as US-China trade war escalates](https://feedsoft.ai/events/25281-oil-settles-down-1-at-four-year-low-as-us-china-trade-war-escalates.md) | +1.5% | -1.6% |
| WTI | 2018-04-06 | [US oil closes 2.3% lower after Trump's latest China trade threats](https://feedsoft.ai/events/10843-us-oil-closes-2-3-lower-after-trump-s-latest-china-trade-threats.md) | +5.6% | +7.7% |
| BRENT | 2018-01-30 | [Rising US oil exports, market disruption, Brent-WTI spread \| Wood Mackenzie](https://feedsoft.ai/events/67156-rising-us-oil-exports-market-disruption-brent-wti-spread-wood-mackenzie.md) | -1.9% | -1.7% |
| BRENT | 2019-05-27 | [Oil under pressure from U.S.-China trade war, but OPEC cuts provide support, ETAuto](https://feedsoft.ai/events/59237-oil-under-pressure-from-u-s-china-trade-war-but-opec-cuts-provide-support-etauto.md) | -9.0% | -4.9% |
| BRENT | 2019-09-16 | [U.S. crude export demand surges after attack on Saudi facilities](https://feedsoft.ai/events/5708-u-s-crude-export-demand-surges-after-attack-on-saudi-facilities.md) | +6.6% | -0.3% |

## Sources

- cnbc.com: https://www.cnbc.com/2017/10/30/oil-markets-focus-on-opec-led-supply-cuts-tighter-market.html
- thenationalnews.com: https://www.thenationalnews.com/business/energy/oil-approaches-2-year-highs-but-us-export-increase-looms-crude-exports-1.671975

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