# Oil prices steady above $60 a barrel as cuts extension looks likely | The National

> Brent held above $60 a barrel and WTI near $54 on Monday as markets expected OPEC's production cut due to expire in March 2018 to be extended. Saudi Arabia and Russia have both voiced support for extension, and OPEC is scheduled to meet on November 30.

- Date: 2017-10-30 · published 2017-10-30T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/68382-oil-prices-steady-above-60-a-barrel-as-cuts-extension-looks-likely-the-national
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Expected extension of supply curbs keeps crude prices supported, which feeds into diesel, freight and fertilizer costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2017-10-28 | [Oil surges through $60 a barrel level \| The National](https://feedsoft.ai/events/68381-oil-surges-through-60-a-barrel-level-the-national.md) | +2.4% | +5.7% |
| BRENT | 2019-06-30 | [Oil prices edge up on hopes of supply cuts extension by OPEC](https://feedsoft.ai/events/58762-oil-prices-edge-up-on-hopes-of-supply-cuts-extension-by-opec.md) | -4.2% | -6.1% |
| 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 | 2023-10-04 | [Opec+ sticks to current output policy after oil price rally \| The National](https://feedsoft.ai/events/33522-opec-sticks-to-current-output-policy-after-oil-price-rally-the-national.md) | -3.8% | -6.0% |
| BRENT | 2018-03-29 | [Oil prices gain on expectation of continued Opec supply curbs in 2018 \| The National](https://feedsoft.ai/events/66167-oil-prices-gain-on-expectation-of-continued-opec-supply-curbs-in-2018-the.md) | -2.0% | +9.1% |
| WTI | 2017-10-28 | [Oil surges through $60 a barrel level \| The National](https://feedsoft.ai/events/68381-oil-surges-through-60-a-barrel-level-the-national.md) | +3.2% | +7.8% |
| WTI | 2019-06-30 | [Oil prices edge up on hopes of supply cuts extension by OPEC](https://feedsoft.ai/events/58762-oil-prices-edge-up-on-hopes-of-supply-cuts-extension-by-opec.md) | -1.4% | -2.5% |
| 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-prices-steady-above-60-a-barrel-as-cuts-extension-looks-likely-1.671289

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