# Oil prices rise as OPEC production cut trims supply  | Globalnews.ca

> Oil prices rose on March 1, 2017, as OPEC compliance with its output-cut pledge reached about 94% in February, according to a Reuters survey. Brent for May traded near $56.86 and WTI for April near $54.29, though rising U.S. output limited gains.

- Date: 2017-03-01 · published 2017-03-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/72179-oil-prices-rise-as-opec-production-cut-trims-supply-globalnews-ca
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Tighter OPEC compliance reduces global crude supply and supports energy prices, which feed through to fuel, freight and biofuel economics for feed ingredients.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-05-05 | [Oil prices rally as production cuts mount \| S&P Global](https://feedsoft.ai/events/8044-oil-prices-rally-as-production-cuts-mount-s-and-p-global.md) | +16.8% | +64.0% |
| BRENT | 2023-04-03 | [Oil Prices Jump After Surprise OPEC Production Cut - The New York Times](https://feedsoft.ai/events/7948-oil-prices-jump-after-surprise-opec-production-cut-the-new-york-times.md) | +7.4% | +1.0% |
| BRENT | 2018-12-03 | [Oil Prices Rise on Expectations for a Production Cut](https://feedsoft.ai/events/10625-oil-prices-rise-on-expectations-for-a-production-cut.md) | +6.0% | -10.4% |
| BRENT | 2019-10-10 | [Oil prices rise as OPEC pledges decision on supply \| Financial Post](https://feedsoft.ai/events/56468-oil-prices-rise-as-opec-pledges-decision-on-supply-financial-post.md) | +0.6% | +4.9% |
| BRENT | 2023-11-30 | [OPEC+ agrees to oil production cut  \| Oil & Gas Journal](https://feedsoft.ai/events/33087-opec-agrees-to-oil-production-cut-oil-and-gas-journal.md) | -10.5% | -5.2% |
| WTI | 2020-05-05 | [Oil prices rally as production cuts mount \| S&P Global](https://feedsoft.ai/events/8044-oil-prices-rally-as-production-cuts-mount-s-and-p-global.md) | +17.7% | +80.3% |
| WTI | 2023-04-03 | [Oil Prices Jump After Surprise OPEC Production Cut - The New York Times](https://feedsoft.ai/events/7948-oil-prices-jump-after-surprise-opec-production-cut-the-new-york-times.md) | +5.4% | -0.0% |
| WTI | 2018-12-03 | [Oil Prices Rise on Expectations for a Production Cut](https://feedsoft.ai/events/10625-oil-prices-rise-on-expectations-for-a-production-cut.md) | +3.7% | -11.0% |

## Sources

- globalnews.ca: https://globalnews.ca/news/3280610/oil-prices-opec-production-cut-supply/

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