# Oil Falls Below $90 for First Time Since War as Demand Slows - Bloomberg

> WTI fell 2.3% to $88.54 a barrel, its lowest since the weeks before Russia's invasion of Ukraine. The decline followed government data showing Americans were driving less than in summer 2021.

- Date: 2022-08-03 · published 2022-08-03T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/12800-oil-falls-below-90-for-first-time-since-war-as-demand-slows-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower US driving points to softer fuel demand, which pressures crude and related energy costs for feed producers and haulers.

## Read by commodity

- WTI: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-03-09 | [WTI oil prices fall below $50 for first time since December](https://feedsoft.ai/events/8365-wti-oil-prices-fall-below-50-for-first-time-since-december.md) | -2.9% | +2.3% |
| WTI | 2017-03-08 | [Oil Drops Below $50 for First Time Since December on Supply Glut - Bloomberg](https://feedsoft.ai/events/8362-oil-drops-below-50-for-first-time-since-december-on-supply-glut-bloomberg.md) | -10.3% | -3.5% |
| WTI | 2018-01-31 | [US oil production tops 10 million barrels a day for first time since 1970](https://feedsoft.ai/events/67157-us-oil-production-tops-10-million-barrels-a-day-for-first-time-since-1970.md) | -1.8% | -4.8% |
| WTI | 2019-06-04 | [Oil Sinks Into Bear Market as U.S. Storage Jumps Most Since 1990 - Bloomberg](https://feedsoft.ai/events/11306-oil-sinks-into-bear-market-as-u-s-storage-jumps-most-since-1990-bloomberg.md) | +0.1% | +10.7% |
| WTI | 2022-11-14 | [OPEC Cuts Oil Demand Outlook as It Starts to Curb Production - Bloomberg](https://feedsoft.ai/events/38586-opec-cuts-oil-demand-outlook-as-it-starts-to-curb-production-bloomberg.md) | -10.1% | -18.0% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2022-08-03/oil-edges-higher-after-slump-as-traders-weigh-opec-hike-demand

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