# Oil up more than 8 percent as OPEC finalizes output cut deal

> Oil prices rose more than 8 percent after OPEC finalized a cut to 32.5 million bpd, its first since 2008. Russia agreed to cut 300,000 bpd, and January WTI futures rose $3.93 to $49.16, the largest one-day gain since February.

- Date: 2016-11-30 · published 2016-11-30T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/8571-oil-up-more-than-8-percent-as-opec-finalizes-output-cut-deal
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The output cut sharply lifts crude prices, which raises energy and freight costs for feed supply chains. Analysts expected the increase to be measured rather than a sustained surge.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2016-11-30 | 1 | +8.1% | 3.8 | Oil up over 8% after OPEC finalized the cut, with Russia's 300k bpd contribution reinforcing the supply reduction. |
| BRENT | 2016-12-01 | 1 | +9.0% | 3.6 | Oil rose more than 8% after OPEC finalized the cut and Russia pledged 300k bpd, the largest one-day gain since February. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2016-11-30 | [Oil jumps over 10 percent as OPEC finalizes output cut deal \| Reuters](https://feedsoft.ai/events/8564-oil-jumps-over-10-percent-as-opec-finalizes-output-cut-deal-reuters.md) | +12.5% | +19.3% |
| WTI | 2016-11-30 | [US crude settles up 9.3 percent after OPEC finalizes output cut deal](https://feedsoft.ai/events/8569-us-crude-settles-up-9-3-percent-after-opec-finalizes-output-cut-deal.md) | +12.5% | +19.3% |
| WTI | 2020-06-06 | [OPEC, Allies Finalize Deal to Extend Oil-Output Cuts](https://feedsoft.ai/events/52510-opec-allies-finalize-deal-to-extend-oil-output-cuts.md) | -8.3% | +2.6% |
| WTI | 2017-09-22 | [Oil rises nearly 1 percent as OPEC defers extension of output cuts](https://feedsoft.ai/events/69123-oil-rises-nearly-1-percent-as-opec-defers-extension-of-output-cuts.md) | +2.0% | +1.4% |
| WTI | 2016-12-01 | [OPEC reaches first deal to cut oil output since 2008](https://feedsoft.ai/events/9701-opec-reaches-first-deal-to-cut-oil-output-since-2008.md) | +0.8% | +8.8% |
| BRENT | 2016-11-30 | [Oil jumps over 10 percent as OPEC finalizes output cut deal \| Reuters](https://feedsoft.ai/events/8564-oil-jumps-over-10-percent-as-opec-finalizes-output-cut-deal-reuters.md) | +16.7% | +22.1% |
| BRENT | 2016-11-30 | [US crude settles up 9.3 percent after OPEC finalizes output cut deal](https://feedsoft.ai/events/8569-us-crude-settles-up-9-3-percent-after-opec-finalizes-output-cut-deal.md) | +16.7% | +22.1% |
| BRENT | 2020-06-06 | [OPEC, Allies Finalize Deal to Extend Oil-Output Cuts](https://feedsoft.ai/events/52510-opec-allies-finalize-deal-to-extend-oil-output-cuts.md) | -7.2% | +3.3% |

## Sources

- business-standard.com: https://www.business-standard.com/article/reuters/oil-up-more-than-8-percent-as-opec-finalizes-output-cut-deal-116113001491_1.html

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