# Brent Oil Jumps to Highest in More Than a Year After OPEC Accord - Bloomberg

> Brent futures advanced 4.1 percent in London after OPEC agreed to cut collective output by 1.2 million barrels a day to 32.5 million. Russia pledged a further cut of 300,000 barrels a day. Goldman Sachs predicted crude could rally to $60 a barrel.

- Date: 2016-11-30 · published 2016-11-30T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/9704-brent-oil-jumps-to-highest-in-more-than-a-year-after-opec-accord-bloomberg
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A cut of 1.2 million barrels a day is a large supply reduction, and a rally toward $60 would raise energy and transport costs across feed supply chains.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2016-12-01 | 1 | +9.0% | 3.6 | Brent advanced after OPEC agreed a 1.2m bpd cut and Goldman forecast a rally to $60, which supports the sentiment effect, though the 4.1% figure is intraday. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-09-04 | [Oil Jumps Near $90 After OPEC+ Surprises With Token Supply Cut - Bloomberg](https://feedsoft.ai/events/39754-oil-jumps-near-90-after-opec-surprises-with-token-supply-cut-bloomberg.md) | -0.9% | -5.0% |
| BRENT | 2020-12-02 | [Oil Hits 9-Month High After OPEC+ Agrees to Gradual Output Hike - Bloomberg](https://feedsoft.ai/events/49555-oil-hits-9-month-high-after-opec-agrees-to-gradual-output-hike-bloomberg.md) | +3.4% | +8.1% |
| BRENT | 2022-10-01 | [OPEC Raises Oil Production To Highest Level In Years](https://feedsoft.ai/events/39753-opec-raises-oil-production-to-highest-level-in-years.md) | +11.3% | +7.7% |
| BRENT | 2025-12-01 | [Brent Jumps After OPEC+ Keeps Output Unchanged](https://feedsoft.ai/events/21668-brent-jumps-after-opec-keeps-output-unchanged.md) | +0.7% | -1.8% |
| BRENT | 2018-10-25 | [OPEC Lurches From Pump All You Can to Mulling Cuts in Just Days - Bloomberg](https://feedsoft.ai/events/62452-opec-lurches-from-pump-all-you-can-to-mulling-cuts-in-just-days-bloomberg.md) | -2.1% | -18.5% |
| WTI | 2022-09-04 | [Oil Jumps Near $90 After OPEC+ Surprises With Token Supply Cut - Bloomberg](https://feedsoft.ai/events/39754-oil-jumps-near-90-after-opec-surprises-with-token-supply-cut-bloomberg.md) | +1.0% | -3.7% |
| WTI | 2020-12-02 | [Oil Hits 9-Month High After OPEC+ Agrees to Gradual Output Hike - Bloomberg](https://feedsoft.ai/events/49555-oil-hits-9-month-high-after-opec-agrees-to-gradual-output-hike-bloomberg.md) | +2.4% | +8.4% |
| WTI | 2022-10-01 | [OPEC Raises Oil Production To Highest Level In Years](https://feedsoft.ai/events/39753-opec-raises-oil-production-to-highest-level-in-years.md) | +16.5% | +10.2% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2016-11-30/oil-rally-holds-after-opec-deal-as-focus-shifts-to-execution

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