# Oil futures settle at 6-week high, above $50 after OPEC deal - MarketWatch

> Oil futures settled at a six-week high above $50 a barrel after OPEC's production-cut deal, with Brent logging its best finish since August 2015. Natural gas settled at a two-year high after a weekly drop in US supplies matched market expectations. Some traders doubted OPEC members would stick to the deal when it takes effect in the new year.

- Date: 2016-12-01 · published 2016-12-01T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/9705-oil-futures-settle-at-6-week-high-above-50-after-opec-deal-marketwatch
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Natural Gas](https://feedsoft.ai/c/NATGAS.md)

## Why it matters

The OPEC cut supports crude and diesel prices, while the natural gas rally raises fuel and drying costs for feed processors.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- NATGAS: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-12-01 | [Oil Futures Lower as Market Ponders OPEC Cuts](https://feedsoft.ai/events/32494-oil-futures-lower-as-market-ponders-opec-cuts.md) | -8.8% | -5.2% |
| WTI | 2025-10-01 | [Oil settles up after OPEC+ opts for modest output hike](https://feedsoft.ai/events/22769-oil-settles-up-after-opec-opts-for-modest-output-hike.md) | -1.0% | -3.5% |
| 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 | 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% |
| WTI | 2024-12-03 | [Oil sees biggest daily gain in 2 weeks on bets OPEC+ will extend production cuts - MarketWatch](https://feedsoft.ai/events/27120-oil-sees-biggest-daily-gain-in-2-weeks-on-bets-opec-will-extend-production-cuts.md) | +0.4% | +5.8% |
| BRENT | 2023-12-01 | [Oil Futures Lower as Market Ponders OPEC Cuts](https://feedsoft.ai/events/32494-oil-futures-lower-as-market-ponders-opec-cuts.md) | -9.9% | -6.0% |
| BRENT | 2025-10-01 | [Oil settles up after OPEC+ opts for modest output hike](https://feedsoft.ai/events/22769-oil-settles-up-after-opec-opts-for-modest-output-hike.md) | -2.2% | -5.2% |
| 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

- marketwatch.com: https://www.marketwatch.com/story/oil-prices-keep-climbing-after-opec-deal-brent-shoots-above-52-a-barrel-2016-12-01

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