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Brent plunged as much as 4.7% to its lowest intraday price since mid-December 2023. Traders cited worries about US demand, a potential deal to restore Libyan production, and the possibility that OPEC+ will raise output next month.
Expected supply increases from Libya and OPEC+ combined with demand worries point to a continued softening in crude, easing energy costs for feed makers.
bloomberg.comDevika Krishna KumarSep 3, 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.
Directly describes Brent plunging as much as 4.7% on Sept 3 on US demand worries, a potential Libyan supply restoration deal and possible OPEC+ output hike.
Intraday plunge of up to 4.7% attributed to US demand worries, a possible Libyan output deal, and OPEC+ output hike, with algorithmic selling amplifying it.
Algorithmic and momentum selling amplified the drop amid US demand fears, Libya supply and possible OPEC+ output hikes.
