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Crude futures settled down by more than $1 a barrel as both benchmarks swung sharply during the session. OPEC+ was reportedly discussing a delay to a planned output increase because Libyan production is expected to rise, while weak US and Chinese data reinforced demand concerns.
Weaker expected oil demand and a possible OPEC+ supply delay together signal a softer energy complex, lowering input-cost pressure for feed producers.
reuters.comErwin SebaSep 4, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Further settlement declines on weak US and Chinese data and expected Libyan supply increases reinforced demand concerns.
