# Oil surges through $60 a barrel level | The National

> Brent rose above $60 a barrel and WTI rose about 2.4 percent to $53.90 after Saudi Arabia and Russia declared support for extending the OPEC-led cut by nine months. Iraqi and Kurdish forces also announced a ceasefire, and the dollar retreated from three-month highs.

- Date: 2017-10-28 · published 2017-10-28T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/68381-oil-surges-through-60-a-barrel-level-the-national
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Crude's rally supports energy costs across the feed supply chain, and a weaker dollar can make US commodity exports more competitive.

## Read by commodity

- DXY: bearish ▼
- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2017-10-30 | [Oil prices steady above $60 a barrel as cuts extension looks likely \| The National](https://feedsoft.ai/events/68382-oil-prices-steady-above-60-a-barrel-as-cuts-extension-looks-likely-the-national.md) | +2.4% | +5.7% |
| BRENT | 2023-04-02 | [Saudi Arabia, UAE and allies announce surprise oil production cuts \| The National](https://feedsoft.ai/events/36326-saudi-arabia-uae-and-allies-announce-surprise-oil-production-cuts-the-national.md) | +7.4% | +1.0% |
| BRENT | 2023-10-01 | [Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December](https://feedsoft.ai/events/34020-oil-prices-spike-as-saudi-arabia-russia-extend-1-3-million-barrel-a-day-oil-cut.md) | -9.8% | -5.2% |
| BRENT | 2017-09-23 | [Opec and Russia say global oil glut halfway cleared \| The National](https://feedsoft.ai/events/68866-opec-and-russia-say-global-oil-glut-halfway-cleared-the-national.md) | -0.4% | +0.5% |
| BRENT | 2019-05-19 | [Opec+ to target crude inventory levels while ensuring market is well-supplied \| The National](https://feedsoft.ai/events/59016-opec-to-target-crude-inventory-levels-while-ensuring-market-is-well-supplied.md) | -6.5% | -15.5% |
| WTI | 2017-10-30 | [Oil prices steady above $60 a barrel as cuts extension looks likely \| The National](https://feedsoft.ai/events/68382-oil-prices-steady-above-60-a-barrel-as-cuts-extension-looks-likely-the-national.md) | +3.2% | +7.8% |
| WTI | 2023-04-02 | [Saudi Arabia, UAE and allies announce surprise oil production cuts \| The National](https://feedsoft.ai/events/36326-saudi-arabia-uae-and-allies-announce-surprise-oil-production-cuts-the-national.md) | +5.4% | -0.0% |
| WTI | 2023-10-01 | [Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December](https://feedsoft.ai/events/34020-oil-prices-spike-as-saudi-arabia-russia-extend-1-3-million-barrel-a-day-oil-cut.md) | -8.8% | -5.4% |

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/energy/oil-surges-through-60-a-barrel-level-1.670847

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