# Oil prices sink on a report OPEC supply will rise in July

> WTI fell 2.5% to settle at $45.77 on July 21 after PetroLogistics reported OPEC July supply would rise by 145,000 bpd. Higher output from Saudi Arabia, the UAE and Nigeria drove the increase, and WTI erased its earlier gains.

- Date: 2017-07-21 · published 2017-07-21T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/70144-oil-prices-sink-on-a-report-opec-supply-will-rise-in-july
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Rising OPEC output adds to the global glut and pressures crude prices, which lowers energy and biofuel input costs and weighs on related vegetable oil prices.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-07-04 | [Why are OPEC+ supply cuts failing to boost oil prices?](https://feedsoft.ai/events/34941-why-are-opec-supply-cuts-failing-to-boost-oil-prices.md) | +7.3% | +16.7% |
| WTI | 2021-12-01 | [Oil prices sink again as traders use Omicron as an excuse to hit 'sell' \| Reuters](https://feedsoft.ai/events/6300-oil-prices-sink-again-as-traders-use-omicron-as-an-excuse-to-hit-sell-reuters.md) | +8.8% | +15.8% |
| WTI | 2025-09-29 | [Oil falls on concerns another OPEC+ supply boost will swell glut - CNBC TV18](https://feedsoft.ai/events/23038-oil-falls-on-concerns-another-opec-supply-boost-will-swell-glut-cnbc-tv18.md) | -7.3% | -6.4% |
| WTI | 2022-06-23 | [Oil prices slump as investors fear Fed rate hikes will hurt demand \| Reuters](https://feedsoft.ai/events/41110-oil-prices-slump-as-investors-fear-fed-rate-hikes-will-hurt-demand-reuters.md) | +4.5% | -8.0% |
| WTI | 2017-03-21 | [Is OPEC Losing Its Ability to Influence Oil Prices?](https://feedsoft.ai/events/71904-is-opec-losing-its-ability-to-influence-oil-prices.md) | -1.4% | +9.4% |
| BRENT | 2023-07-04 | [Why are OPEC+ supply cuts failing to boost oil prices?](https://feedsoft.ai/events/34941-why-are-opec-supply-cuts-failing-to-boost-oil-prices.md) | +4.3% | +14.5% |
| BRENT | 2021-12-01 | [Oil prices sink again as traders use Omicron as an excuse to hit 'sell' \| Reuters](https://feedsoft.ai/events/6300-oil-prices-sink-again-as-traders-use-omicron-as-an-excuse-to-hit-sell-reuters.md) | +6.8% | +9.0% |
| BRENT | 2025-09-29 | [Oil falls on concerns another OPEC+ supply boost will swell glut - CNBC TV18](https://feedsoft.ai/events/23038-oil-falls-on-concerns-another-opec-supply-boost-will-swell-glut-cnbc-tv18.md) | -7.5% | -6.8% |

## Sources

- cnbc.com: https://www.cnbc.com/2017/07/21/oil-is-dropping-on-a-report-of-rising-opec-supply.html

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