# Crude oil prices today: WTI erases all 2024 gains

> US crude futures fell more than 4% on Tuesday to their lowest close since December, erasing all 2024 gains. Reports that Libya's rival governments could reach a deal to restore output, plus possible OPEC+ supply returns in October, weighed on prices alongside weak Chinese and US manufacturing data.

- Date: 2024-09-03 · published 2024-09-03T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/12385-crude-oil-prices-today-wti-erases-all-2024-gains
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Expectations of returning Libyan and OPEC+ barrels plus softer demand signals point to ample supply and lower crude prices. Weaker energy prices reduce biofuel feedstock support for soybean oil and corn.

## Read by commodity

- SBO: bearish ▼
- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2024-09-03 | 1 | -4.1% | -3.2 | WTI fell over 4% on the same day on Libya deal reports, possible OPEC+ supply returns and weak manufacturing data, the same drivers as Brent. |
| BRENT | 2024-09-02 | 1 | -4.7% | -5.1 | WTI fell over 4% on Libya deal reports, possible OPEC+ supply returns and weak manufacturing data, matching the same move. |
| BRENT | 2024-09-06 | 5 | -9.2% | -3.0 | WTI's 4% fall on Libya deal reports and weak manufacturing data moved in tandem with Brent, confirming the Sept 3 selloff. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-04-18 | [Crude oil prices today: WTI falls below $83 as war fear eases](https://feedsoft.ai/events/30929-crude-oil-prices-today-wti-falls-below-83-as-war-fear-eases.md) | +0.5% | -4.3% |
| WTI | 2024-09-06 | [Crude oil prices today: WTI lowest since June 2023](https://feedsoft.ai/events/12387-crude-oil-prices-today-wti-lowest-since-june-2023.md) | -0.3% | +6.2% |
| WTI | 2026-10-29 | [Oil price today: WTI, Brent](https://feedsoft.ai/events/1436-oil-price-today-wti-brent.md) | -2.3% | — |
| WTI | 2026-03-25 | [Crude Prices Fall More Than 2%](https://feedsoft.ai/events/11450-crude-prices-fall-more-than-2.md) | +10.2% | +1.3% |
| WTI | 2026-10-01 | [CPO Futures Extend Losses Amid Weaker Crude Oil Prices](https://feedsoft.ai/events/9799-cpo-futures-extend-losses-amid-weaker-crude-oil-prices.md) | -2.3% | +8.7% |
| BRENT | 2024-04-18 | [Crude oil prices today: WTI falls below $83 as war fear eases](https://feedsoft.ai/events/30929-crude-oil-prices-today-wti-falls-below-83-as-war-fear-eases.md) | +0.1% | -8.0% |
| BRENT | 2024-09-06 | [Crude oil prices today: WTI lowest since June 2023](https://feedsoft.ai/events/12387-crude-oil-prices-today-wti-lowest-since-june-2023.md) | -0.9% | +5.5% |
| BRENT | 2026-10-29 | [Oil price today: WTI, Brent](https://feedsoft.ai/events/1436-oil-price-today-wti-brent.md) | -5.4% | — |

## Sources

- cnbc.com: https://www.cnbc.com/2024/09/03/crude-oil-prices-today.html

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