# Oil prices climb after OPEC signals possible deal extension

> US crude settled up 29 cents at $49.58 after OPEC Secretary-General Mohammad Barkindo said consultations were underway to extend output cuts beyond March 2018 and more producers may join. He also said the market was rebalancing and that extraordinary measures might be needed for long-term balance. The OPEC meeting is set for November 30 in Vienna.

- Date: 2017-10-09 · published 2017-10-09T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/68621-oil-prices-climb-after-opec-signals-possible-deal-extension
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A likely extension of OPEC output quotas tightens crude supply and supports higher energy prices, which raises fuel and transport costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-08-26 | [Oil prices rise on signals OPEC might cut output](https://feedsoft.ai/events/40228-oil-prices-rise-on-signals-opec-might-cut-output.md) | -6.6% | -15.2% |
| 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 | 2017-05-25 | [Supply concerns trigger oil price plunge after OPEC extension \| Offshore Magazine](https://feedsoft.ai/events/71162-supply-concerns-trigger-oil-price-plunge-after-opec-extension-offshore-magazine.md) | -5.4% | -16.7% |
| WTI | 2017-04-26 | [Is An Extension Of OPEC's Oil Production Cuts Really A Done Deal? \| Investing.com](https://feedsoft.ai/events/71417-is-an-extension-of-opec-s-oil-production-cuts-really-a-done-deal-investing-com.md) | -3.4% | +3.9% |
| WTI | 2020-05-29 | [Signals from OPEC+ Zooms Crude Oil Prices \| Business Post Nigeria](https://feedsoft.ai/events/53307-signals-from-opec-zooms-crude-oil-prices-business-post-nigeria.md) | +11.1% | +14.8% |
| BRENT | 2022-08-26 | [Oil prices rise on signals OPEC might cut output](https://feedsoft.ai/events/40228-oil-prices-rise-on-signals-opec-might-cut-output.md) | -6.8% | -8.7% |
| 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 | 2017-05-25 | [Supply concerns trigger oil price plunge after OPEC extension \| Offshore Magazine](https://feedsoft.ai/events/71162-supply-concerns-trigger-oil-price-plunge-after-opec-extension-offshore-magazine.md) | -7.0% | -16.6% |

## Sources

- cnbc.com: https://www.cnbc.com/2017/10/08/oil-up-on-expectation-of-saudi-production-restraint-lower-us-rig-count.html

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