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Oil fell about 3% to a one-month low after EIA data showed a larger-than-expected drop in crude inventories but weaker US gasoline demand. Hurricane Laura disrupted output and refining in the Gulf Coast.
Brent settled near $44.43 and WTI near $41.51.
Softer gasoline demand signals slower economic recovery and weaker fuel consumption, pressuring crude and energy-linked prices.
cnbc.comReutersSep 2, 2020After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Dated 2020-09-02, it reports oil falling about 3% to a one-month low on weak US gasoline demand in EIA data, a demand-side driver that coincides with the move.
It reports the prior day's drop on weak gasoline demand and Hurricane Laura disruptions, which set up the downtrend and confirm the demand weakness, but it is dated a day earlier than the move.
