# Oil prices ease off three-week high on worries over OPEC output cut

> US crude settled down 21 cents at $48.03 a barrel after reaching a three-week high earlier in the session. Traders worried that Iran and Iraq might not agree to an OPEC output freeze. Analysts expected the market to stay sensitive to comments ahead of the formal OPEC meeting on Nov. 30.

- Date: 2016-11-22 · published 2016-11-22T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/74007-oil-prices-ease-off-three-week-high-on-worries-over-opec-output-cut
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Uncertainty over whether OPEC will cut output keeps crude prices volatile, which affects energy costs and biofuel-linked demand for feedstocks. Until a deal is formalised, the price impact on feed inputs remains unclear.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-08-27 | [OPEC stays the course on output hikes as oil prices rebound](https://feedsoft.ai/events/45475-opec-stays-the-course-on-output-hikes-as-oil-prices-rebound.md) | +3.9% | +9.9% |
| WTI | 2022-08-01 | [Oil output to see small hike to ease energy prices](https://feedsoft.ai/events/39952-oil-output-to-see-small-hike-to-ease-energy-prices.md) | -9.5% | -6.9% |
| WTI | 2019-08-11 | [Opec mulls further output cuts to support oil prices](https://feedsoft.ai/events/57508-opec-mulls-further-output-cuts-to-support-oil-prices.md) | +0.7% | +3.7% |
| WTI | 2023-05-30 | [Explainer-Why is OPEC+ cutting oil output?](https://feedsoft.ai/events/35859-explainer-why-is-opec-cutting-oil-output.md) | -0.4% | -6.6% |
| WTI | 2022-05-05 | [OPEC+ sticks to modest oil output hike despite price rally](https://feedsoft.ai/events/41317-opec-sticks-to-modest-oil-output-hike-despite-price-rally.md) | -2.1% | +8.4% |
| BRENT | 2021-08-27 | [OPEC stays the course on output hikes as oil prices rebound](https://feedsoft.ai/events/45475-opec-stays-the-course-on-output-hikes-as-oil-prices-rebound.md) | +3.6% | +8.6% |
| BRENT | 2022-08-01 | [Oil output to see small hike to ease energy prices](https://feedsoft.ai/events/39952-oil-output-to-see-small-hike-to-ease-energy-prices.md) | -11.9% | -8.8% |
| BRENT | 2019-08-11 | [Opec mulls further output cuts to support oil prices](https://feedsoft.ai/events/57508-opec-mulls-further-output-cuts-to-support-oil-prices.md) | +1.5% | +6.0% |

## Sources

- cnbc.com: https://www.cnbc.com/2016/11/21/oil-prices-rise-in-anticipation-of-planned-opec-led-production-cut.html

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