# Oil prices tumble on growth fears, wiping out 2024 gains - MarketWatch

> 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.

- Date: 2024-09-03 · published 2024-09-03T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/11569-oil-prices-tumble-on-growth-fears-wiping-out-2024-gains-marketwatch
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Slower expected energy demand and returning Libyan supply point to lower crude prices, which tend to ease fuel and freight costs for feed buyers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2024-09-03 | 1 | -4.1% | -3.2 | Weak Chinese and US manufacturing data raised demand fears and Libya speculation pushed Brent to settle at $73.75, the year's low. |
| BRENT | 2024-09-02 | 1 | -4.7% | -5.1 | Explains the settlement at yearly lows driven by weak Chinese and US manufacturing data (demand) and Libyan resolution speculation (supply). |
| BRENT | 2024-09-06 | 5 | -9.2% | -3.0 | Weak Chinese and US manufacturing data raised demand worries and Libya supply speculation pushed Brent to its lowest settle of the year. |

## Sources

- marketwatch.com: https://www.marketwatch.com/story/oil-prices-slide-as-weak-china-data-overshadows-libya-supply-disruptions-28aa49be

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