# Crude oil prices today: WTI lowest since June 2023

> US crude hit its lowest level since June 2023 on Friday, posting its worst week in nearly a year with an 8% weekly drop. OPEC+ delayed a planned 180,000 barrels per day production increase until December, but the market was not reassured about the global supply-demand balance as Chinese oil demand slowed.

- Date: 2024-09-06 · published 2024-09-06T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/12387-crude-oil-prices-today-wti-lowest-since-june-2023
- 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

The OPEC+ delay adds only modestly to tightness, while slowing Chinese crude demand and a large projected supply return keep prices under pressure. Weaker crude reduces biofuel feedstock support for vegetable oils and corn-based ethanol.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2024-09-06 | 5 | -9.2% | -3.0 | WTI's 8% weekly drop despite the OPEC+ delay shows demand and supply-balance worries dominated across benchmarks. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-09-03 | [Crude oil prices today: WTI erases all 2024 gains](https://feedsoft.ai/events/12385-crude-oil-prices-today-wti-erases-all-2024-gains.md) | -6.6% | -7.6% |
| 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 | 2026-10-29 | [Oil price today: WTI, Brent](https://feedsoft.ai/events/1436-oil-price-today-wti-brent.md) | -2.3% | — |
| WTI | 2026-05-29 | [Brent oil price in May posts biggest monthly loss since 2020](https://feedsoft.ai/events/12487-brent-oil-price-in-may-posts-biggest-monthly-loss-since-2020.md) | +4.6% | -23.5% |
| 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 | 2024-09-03 | [Crude oil prices today: WTI erases all 2024 gains](https://feedsoft.ai/events/12385-crude-oil-prices-today-wti-erases-all-2024-gains.md) | -7.9% | -8.0% |
| 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 | 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/2024/09/06/crude-oil-prices-today.html

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