# Oil prices post 3% annual decline, slipping for second year in a row | Reuters

> Oil prices fell about 3% over 2024, marking a second consecutive annual decline. Weak Chinese economic growth and increased output from the US and other non-OPEC producers weighed on the market.

- Date: 2024-12-31 · published 2024-12-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/27115-oil-prices-post-3-annual-decline-slipping-for-second-year-in-a-row-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A lower crude price environment reduces diesel and fertilizer input costs but also weakens the economics of biofuel feedstocks such as soybean oil.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-rises-expanding-chinese-factory-activity-set-end-year-lower-2024-12-31/

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