# After OPEC deal, oil expected to rally - for the moment

> OPEC reached its first deal to cut oil output in years, and oil was expected to rally in the near term. Analysts warned that prices would be volatile as traders who had positioned for a rally took profits. Doubts were raised about whether some members would meet their production commitments.

- Date: 2016-12-01 · published 2016-12-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/9703-after-opec-deal-oil-expected-to-rally-for-the-moment
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Uncertainty over compliance means crude prices may swing sharply, which affects energy costs for feed production and transport.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2016-12-01 | [OPEC deal expected to tighten oil market in 2017: Kemp](https://feedsoft.ai/events/73628-opec-deal-expected-to-tighten-oil-market-in-2017-kemp.md) | +0.8% | +8.8% |
| WTI | 2023-10-04 | [Opec+ sticks to current output policy after oil price rally \| The National](https://feedsoft.ai/events/33522-opec-sticks-to-current-output-policy-after-oil-price-rally-the-national.md) | -3.7% | -8.8% |
| WTI | 2020-11-01 | [Oil Spikes After OPEC Claims ''The Worst Is Over For The Oil Market''](https://feedsoft.ai/events/50804-oil-spikes-after-opec-claims-the-worst-is-over-for-the-oil-market.md) | +3.7% | +26.8% |
| WTI | 2018-12-07 | [Oil Prices Jump After OPEC Agrees To Bigger-Than-Expected Production Cut : NPR](https://feedsoft.ai/events/10628-oil-prices-jump-after-opec-agrees-to-bigger-than-expected-production-cut-npr.md) | +2.2% | -6.2% |
| WTI | 2016-12-01 | [Oil soars, Brent hits 16-month high after OPEC output deal \| Reuters](https://feedsoft.ai/events/9699-oil-soars-brent-hits-16-month-high-after-opec-output-deal-reuters.md) | +0.8% | +8.8% |
| BRENT | 2016-12-01 | [OPEC deal expected to tighten oil market in 2017: Kemp](https://feedsoft.ai/events/73628-opec-deal-expected-to-tighten-oil-market-in-2017-kemp.md) | +6.6% | +12.9% |
| BRENT | 2023-10-04 | [Opec+ sticks to current output policy after oil price rally \| The National](https://feedsoft.ai/events/33522-opec-sticks-to-current-output-policy-after-oil-price-rally-the-national.md) | -3.8% | -6.0% |
| BRENT | 2020-11-01 | [Oil Spikes After OPEC Claims ''The Worst Is Over For The Oil Market''](https://feedsoft.ai/events/50804-oil-spikes-after-opec-claims-the-worst-is-over-for-the-oil-market.md) | +5.1% | +28.8% |

## Sources

- reuters.com: https://www.reuters.com/article/us-markets-oil-opec-idUSKBN13P2MZ/?feedName=businessNews&feedType=RSS

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