# Algorthmic Traders Add to Crude Oil Price Rout as Demand Fears Resurface - Bloomberg

> 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.

- Date: 2024-09-03 · published 2024-09-03T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/11568-algorthmic-traders-add-to-crude-oil-price-rout-as-demand-fears-resurface
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Expected supply increases from Libya and OPEC+ combined with demand worries point to a continued softening in crude, easing energy costs for feed makers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2024-09-02 | 1 | -4.7% | -5.1 | 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. |
| BRENT | 2024-09-03 | 1 | -4.1% | -3.2 | 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. |
| BRENT | 2024-09-06 | 5 | -9.2% | -3.0 | Algorithmic and momentum selling amplified the drop amid US demand fears, Libya supply and possible OPEC+ output hikes. |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2024-09-03/algorthmic-traders-add-to-crude-oil-price-rout-as-demand-fears-resurface

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