# Oil Futures Sell Off on Prospects of Oversupplied Market

> Oil futures and Brent fell as much as 3% on Nov. 17 amid resurgent COVID infections, lockdowns in parts of the EU, and rising US shale output. US President Biden asked the FTC to investigate oil companies over gasoline pump prices, which the industry rejected. OPEC and Russia-led partners had earlier agreed to modest supply increases.

- Date: 2021-11-17 · published 2021-11-17T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/11832-oil-futures-sell-off-on-prospects-of-oversupplied-market
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Demand concerns and expected supply growth weigh on crude, which lowers energy costs for feed producers, while political pressure over fuel prices may influence future US energy policy.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2021-11-17 | 1 | -2.6% | -3.1 | Same-day (Nov 17) Brent selloff of up to 3% on resurgent COVID and EU lockdowns (demand fears), rising US shale output and Biden's FTC push, which directly explains the drop. |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/world-policy/article/2021/11/17/oil-futures-sell-prospects-market

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