# Oil drops on fears of more US drilling after climate deal withdrawal

> Oil fell more than 1% on June 2 for a second straight weekly loss, with WTI settling at $47.66 a barrel. Traders worried that President Trump's withdrawal from the Paris climate agreement could expand US drilling and worsen the global glut. US drillers had added rigs for 20 straight weeks.

- Date: 2017-06-02 · published 2017-06-02T12:00:00.000Z
- Category: policy · region US · magnitude low
- Page: https://feedsoft.ai/events/70659-oil-drops-on-fears-of-more-us-drilling-after-climate-deal-withdrawal
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expectations of expanding US shale output add to supply pressure that is weighing on crude. Lower energy prices reduce biofuel economics and input costs for the feed chain.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-02-16 | [Oil rally makes further easing of oil supply curbs more likely after April – Reuters — Octa](https://feedsoft.ai/events/48838-oil-rally-makes-further-easing-of-oil-supply-curbs-more-likely-after-april.md) | +3.6% | +9.9% |
| WTI | 2021-07-19 | [U.S. oil drops 8% to below $70 amid OPEC production boost and Covid fears](https://feedsoft.ai/events/6358-u-s-oil-drops-8-to-below-70-amid-opec-production-boost-and-covid-fears.md) | +0.6% | -4.7% |
| WTI | 2022-04-01 | [Oil falls most in 2 years after oil stockpile release](https://feedsoft.ai/events/11045-oil-falls-most-in-2-years-after-oil-stockpile-release.md) | -4.4% | +4.2% |
| WTI | 2026-08-01 | [Oil Prices Are Falling, but OPEC Plus Pledges to Pump More](https://feedsoft.ai/events/18252-oil-prices-are-falling-but-opec-plus-pledges-to-pump-more.md) | -7.5% | -1.7% |
| WTI | 2021-11-24 | [Oil prices drop as coordinated reserve release eases some supply fears](https://feedsoft.ai/events/4776-oil-prices-drop-as-coordinated-reserve-release-eases-some-supply-fears.md) | -16.5% | -7.1% |
| BRENT | 2021-02-16 | [Oil rally makes further easing of oil supply curbs more likely after April – Reuters — Octa](https://feedsoft.ai/events/48838-oil-rally-makes-further-easing-of-oil-supply-curbs-more-likely-after-april.md) | +3.1% | +9.2% |
| BRENT | 2021-07-19 | [U.S. oil drops 8% to below $70 amid OPEC production boost and Covid fears](https://feedsoft.ai/events/6358-u-s-oil-drops-8-to-below-70-amid-opec-production-boost-and-covid-fears.md) | +0.6% | -4.4% |
| BRENT | 2022-04-01 | [Oil falls most in 2 years after oil stockpile release](https://feedsoft.ai/events/11045-oil-falls-most-in-2-years-after-oil-stockpile-release.md) | -6.9% | +1.2% |

## Sources

- cnbc.com: https://www.cnbc.com/2017/06/01/oil-prices-slide-nearly-1-percent-on-persistent-glut-concerns.html

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