# Oil edges up as OPEC output falls, offsets hurricane concerns

> US crude settled up 16 cents at $48.23 a barrel on September 12 after OPEC reported its August output fell for the first time since March and forecast higher 2018 demand. Hurricane Irma's demand effects were being assessed, while US refinery restarts after Harvey supported consumption expectations.

- Date: 2017-09-12 · published 2017-09-12T12:00:00.000Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/69135-oil-edges-up-as-opec-output-falls-offsets-hurricane-concerns
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

OPEC's reported output decline and firmer demand outlook support crude and fuel prices. Refinery restarts after Harvey support diesel demand, which lifts energy input costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-11-13 | [Oil settles up 1% as OPEC report dampens demand concerns \| Reuters](https://feedsoft.ai/events/33341-oil-settles-up-1-as-opec-report-dampens-demand-concerns-reuters.md) | -0.4% | -7.2% |
| WTI | 2023-03-31 | [OPEC oil output falls on Angola, Iraq outages - Reuters survey](https://feedsoft.ai/events/36769-opec-oil-output-falls-on-angola-iraq-outages-reuters-survey.md) | +8.6% | +3.3% |
| WTI | 2019-04-10 | [OPEC's oil output plunges as Saudis slash output](https://feedsoft.ai/events/59506-opec-s-oil-output-plunges-as-saudis-slash-output.md) | -0.0% | -3.0% |
| WTI | 2017-01-05 | [OPEC oil output falls from record high ahead of planned cuts - Reuters survey](https://feedsoft.ai/events/72911-opec-oil-output-falls-from-record-high-ahead-of-planned-cuts-reuters-survey.md) | -2.0% | +0.5% |
| WTI | 2017-12-04 | [OPEC oil output falls in November to lowest since May](https://feedsoft.ai/events/67408-opec-oil-output-falls-in-november-to-lowest-since-may.md) | -1.9% | +3.5% |
| BRENT | 2023-11-13 | [Oil settles up 1% as OPEC report dampens demand concerns \| Reuters](https://feedsoft.ai/events/33341-oil-settles-up-1-as-opec-report-dampens-demand-concerns-reuters.md) | -2.0% | -8.1% |
| BRENT | 2023-03-31 | [OPEC oil output falls on Angola, Iraq outages - Reuters survey](https://feedsoft.ai/events/36769-opec-oil-output-falls-on-angola-iraq-outages-reuters-survey.md) | +8.8% | +2.0% |
| BRENT | 2019-04-10 | [OPEC's oil output plunges as Saudis slash output](https://feedsoft.ai/events/59506-opec-s-oil-output-plunges-as-saudis-slash-output.md) | +0.6% | -0.1% |

## Sources

- cnbc.com: https://www.cnbc.com/2017/09/11/oil-prices-dip-as-traders-assess-us-hurricane-impact.html

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