# Oil prices tumble as rising output puts OPEC-led deal at risk

> Brent crude fell to a three-week low on May 31, 2017, and WTI settled at $48.32, down 2.7%, after Libyan output recovered to 827,000 bpd, above a three-year peak. The National Oil Corporation reported the increase, and US output above 9.3 million bpd added to supply concerns.

- Date: 2017-05-31 · published 2017-05-31T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/71174-oil-prices-tumble-as-rising-output-puts-opec-led-deal-at-risk
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Rising non-OPEC supply from Libya and the US undermines the OPEC-led cuts meant to drain inventories, pressuring crude and related energy-linked feed input costs lower.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- cnbc.com: https://www.cnbc.com/2017/05/30/oil-falls-as-rising-libyan-us-output-undermines-cuts.html

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