# Oil settles near 3-year low on weak demand outlook | Reuters

> Oil settled near a three-year low after weak demand expectations weighed on prices. Brent had fallen below $70 earlier in the week, and Tropical Storm Francine was shutting in about a quarter of offshore crude output.

- Date: 2024-09-10 · published 2024-09-10T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/10169-oil-settles-near-3-year-low-on-weak-demand-outlook-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Weak demand outlooks push crude prices lower, which eases energy costs for feed producers, though storm-related shut-ins partly offset the decline.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-07-12 | [Brent crude settles below $100/bbl on higher dollar, weak demand outlook](https://feedsoft.ai/events/40661-brent-crude-settles-below-100-bbl-on-higher-dollar-weak-demand-outlook.md) | -1.5% | -12.2% |
| WTI | 2020-10-01 | [Oil dips nearly 4% on weak demand outlook and higher OPEC output](https://feedsoft.ai/events/50818-oil-dips-nearly-4-on-weak-demand-outlook-and-higher-opec-output.md) | -0.6% | -7.0% |
| WTI | 2021-04-21 | [Oil prices drop as India’s COVID-19 surge dents demand outlook \| Reuters](https://feedsoft.ai/events/47759-oil-prices-drop-as-india-s-covid-19-surge-dents-demand-outlook-reuters.md) | +0.7% | +4.7% |
| WTI | 2025-01-27 | [Oil hits 2-week low as China's DeepSeek AI spurs demand fears \| Reuters](https://feedsoft.ai/events/26682-oil-hits-2-week-low-as-china-s-deepseek-ai-spurs-demand-fears-reuters.md) | -2.8% | -5.2% |
| WTI | 2024-05-03 | [Oil settles down on US jobs data, steepest weekly loss in 3 months \| Reuters](https://feedsoft.ai/events/7229-oil-settles-down-on-us-jobs-data-steepest-weekly-loss-in-3-months-reuters.md) | +0.4% | -3.0% |
| BRENT | 2022-07-12 | [Brent crude settles below $100/bbl on higher dollar, weak demand outlook](https://feedsoft.ai/events/40661-brent-crude-settles-below-100-bbl-on-higher-dollar-weak-demand-outlook.md) | +0.7% | -9.8% |
| BRENT | 2020-10-01 | [Oil dips nearly 4% on weak demand outlook and higher OPEC output](https://feedsoft.ai/events/50818-oil-dips-nearly-4-on-weak-demand-outlook-and-higher-opec-output.md) | +1.7% | -5.3% |
| BRENT | 2021-04-21 | [Oil prices drop as India’s COVID-19 surge dents demand outlook \| Reuters](https://feedsoft.ai/events/47759-oil-prices-drop-as-india-s-covid-19-surge-dents-demand-outlook-reuters.md) | +0.6% | +4.4% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-steady-supply-disruptions-storm-francine-offset-weak-demand-2024-09-10/

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