# Oil Extends Surge as OPEC Signals Deal, Supply Threats Mount - Bloomberg

> Oil closed at its highest in more than two years for a second day, with New York futures rising 2 percent above $55 a barrel for the first time since July 2015. Support grew for OPEC to extend its output cuts, which was expected to be decided as early as that month. Nigerian militant attacks and Venezuela's debt problems also threatened supply, and U.S. oil rigs fell by the most in over a year.

- Date: 2017-11-03 · published 2017-11-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/68165-oil-extends-surge-as-opec-signals-deal-supply-threats-mount-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expectations of extended OPEC cuts and tighter supply lift crude prices, which feed into biofuel economics and corn and soybean oil values. Higher energy costs also raise freight and fertilizer costs for feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-11-28 | [OPEC+ Sends More Signals It’ll Stick With Current Oil Cuts - Bloomberg](https://feedsoft.ai/events/55951-opec-sends-more-signals-it-ll-stick-with-current-oil-cuts-bloomberg.md) | +0.5% | +6.2% |
| WTI | 2023-09-12 | [OPEC Oil Data Show 3 Million-Barrel Supply Shortfall as Saudi Arabia Extends Cut - Bloomberg](https://feedsoft.ai/events/34014-opec-oil-data-show-3-million-barrel-supply-shortfall-as-saudi-arabia-extends.md) | +4.8% | -3.8% |
| WTI | 2025-02-03 | [OPEC+ Sticks to Oil Supply Plan Even as Trump Seeks Price Cut - Bloomberg](https://feedsoft.ai/events/25944-opec-sticks-to-oil-supply-plan-even-as-trump-seeks-price-cut-bloomberg.md) | -2.1% | -5.8% |
| WTI | 2017-10-09 | [Oil prices climb after OPEC signals possible deal extension](https://feedsoft.ai/events/68621-oil-prices-climb-after-opec-signals-possible-deal-extension.md) | +4.3% | +12.8% |
| WTI | 2023-06-04 | [Saudi pledges big oil cuts in July as OPEC+ extends deal into 2024](https://feedsoft.ai/events/35396-saudi-pledges-big-oil-cuts-in-july-as-opec-extends-deal-into-2024.md) | -2.2% | -2.8% |
| BRENT | 2019-11-28 | [OPEC+ Sends More Signals It’ll Stick With Current Oil Cuts - Bloomberg](https://feedsoft.ai/events/55951-opec-sends-more-signals-it-ll-stick-with-current-oil-cuts-bloomberg.md) | -0.7% | +6.3% |
| BRENT | 2023-09-12 | [OPEC Oil Data Show 3 Million-Barrel Supply Shortfall as Saudi Arabia Extends Cut - Bloomberg](https://feedsoft.ai/events/34014-opec-oil-data-show-3-million-barrel-supply-shortfall-as-saudi-arabia-extends.md) | +4.3% | -1.7% |
| BRENT | 2025-02-03 | [OPEC+ Sticks to Oil Supply Plan Even as Trump Seeks Price Cut - Bloomberg](https://feedsoft.ai/events/25944-opec-sticks-to-oil-supply-plan-even-as-trump-seeks-price-cut-bloomberg.md) | -2.9% | -3.9% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2017-11-03/oil-extends-gains-from-2-year-high-on-signs-of-longer-opec-cuts

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