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Oil futures settled at their lowest levels of the year as weak Chinese economic data and a soft US manufacturing reading fed worries about slower energy demand. Speculation over resolving a Libyan dispute that had disrupted output and exports also contributed to the decline, with Brent settling at $73.75 a barrel.
Slower expected energy demand and returning Libyan supply point to lower crude prices, which tend to ease fuel and freight costs for feed buyers.
marketwatch.comMyra P. Saefong,William WattsSep 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.
Weak Chinese and US manufacturing data raised demand fears and Libya speculation pushed Brent to settle at $73.75, the year's low.
Explains the settlement at yearly lows driven by weak Chinese and US manufacturing data (demand) and Libyan resolution speculation (supply).
Weak Chinese and US manufacturing data raised demand worries and Libya supply speculation pushed Brent to its lowest settle of the year.
