# Rival storylines duel in the global oil market | The National

> Gulf oil ministers argue that too much attention is being paid to the rebound in US output. WTI fell below $50 after the Baker Hughes report showed another rise in rig counts, while Saudi Arabia's oil minister backed extending the OPEC output deal.

- Date: 2017-04-24 · published 2017-04-24T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/71672-rival-storylines-duel-in-the-global-oil-market-the-national
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The tug-of-war between US shale growth and OPEC extension sets the crude price path, which feeds into fuel, fertilizer and freight costs for feed buyers.

## Read by commodity

- WTI: bearish ▼
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-11-19 | [Dollar rises in the Brazilian market following international movement \| Brasil 247](https://feedsoft.ai/events/22163-dollar-rises-in-the-brazilian-market-following-international-movement-brasil-247.md) | -5.1% | -8.5% |
| WTI | 2020-03-27 | [The Oil Price Collapse Could Reshape Global Natural Gas Markets \| Georgetown Journal of International Affairs \|
    Georgetown University](https://feedsoft.ai/events/54312-the-oil-price-collapse-could-reshape-global-natural-gas-markets-georgetown.md) | +37.1% | -32.8% |
| WTI | 2018-11-21 | [Here's What's Going On With Global Oil Markets : NPR](https://feedsoft.ai/events/10586-here-s-what-s-going-on-with-global-oil-markets-npr.md) | -6.1% | -10.7% |
| WTI | 2025-12-10 | [Diesel Futures Slide as ULSD Market Weakens and Inventories Rise Across Global Oil Markets - oftrb.com](https://feedsoft.ai/events/21714-diesel-futures-slide-as-ulsd-market-weakens-and-inventories-rise-across-global.md) | -5.1% | -1.0% |
| WTI | 2020-03-27 | [Oil price crash: a glimpse into the future for global energy markets? Q&A with Pierre Noel](https://feedsoft.ai/events/7880-oil-price-crash-a-glimpse-into-the-future-for-global-energy-markets-q-and-a.md) | +37.1% | -32.8% |
| BRENT | 2026-04-01 | [How Japan Can Use the Oil Market to Support the Yen](https://feedsoft.ai/events/20404-how-japan-can-use-the-oil-market-to-support-the-yen.md) | -12.2% | -1.1% |
| BRENT | 2020-12-03 | [Why the OPEC+ agreement to boost production in 2021 didn’t tank oil prices - MarketWatch](https://feedsoft.ai/events/49827-why-the-opec-agreement-to-boost-production-in-2021-didn-t-tank-oil-prices.md) | +1.7% | +7.3% |
| BRENT | 2020-01-28 | [Diesel Fuel Market Stable as IMO Mandate Takes Hold - TT](https://feedsoft.ai/events/55257-diesel-fuel-market-stable-as-imo-mandate-takes-hold-tt.md) | -8.0% | -4.1% |

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/rival-storylines-duel-in-the-global-oil-market-1.58811

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