# Oil settles flat; markets weigh IEA surplus forecast, rate cut optimism | Reuters

> Brent and WTI settled roughly flat as investors weighed an IEA forecast of a market surplus against a slight upward revision to demand expectations for next year. Brent settled at $73.41 and WTI near $70.

- Date: 2024-12-12 · published 2024-12-12T12:00:00.000Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/27118-oil-settles-flat-markets-weigh-iea-surplus-forecast-rate-cut-optimism-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Balanced signals from supply and demand forecasts leave crude prices steady, so energy-linked costs for feed production show no clear direction.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-03-31 | [Statement about Oil Market Report data - IEA](https://feedsoft.ai/events/42181-statement-about-oil-market-report-data-iea.md) | -10.6% | -2.2% |
| WTI | 2021-05-31 | [OPEC+ JTC keeps 2021 oil demand growth forecast unchanged - Markets - Business Recorder](https://feedsoft.ai/events/47017-opec-jtc-keeps-2021-oil-demand-growth-forecast-unchanged-markets-business.md) | +4.4% | +10.0% |
| WTI | 2017-07-01 | [Crude Inventory Draw Offers Sliver Of Hope For Oil Markets](https://feedsoft.ai/events/70661-crude-inventory-draw-offers-sliver-of-hope-for-oil-markets.md) | -3.5% | +9.1% |
| WTI | 2023-10-12 | [Oil Market Report - October 2023 - IEA](https://feedsoft.ai/events/9278-oil-market-report-october-2023-iea.md) | +5.6% | -9.5% |
| WTI | 2018-12-12 | [Oil Market Report - December 2018 - IEA](https://feedsoft.ai/events/8519-oil-market-report-december-2018-iea.md) | -10.6% | +1.6% |
| BRENT | 2022-03-31 | [Statement about Oil Market Report data - IEA](https://feedsoft.ai/events/42181-statement-about-oil-market-report-data-iea.md) | -11.9% | -6.8% |
| BRENT | 2021-05-31 | [OPEC+ JTC keeps 2021 oil demand growth forecast unchanged - Markets - Business Recorder](https://feedsoft.ai/events/47017-opec-jtc-keeps-2021-oil-demand-growth-forecast-unchanged-markets-business.md) | +2.4% | +7.5% |
| BRENT | 2017-07-01 | [Crude Inventory Draw Offers Sliver Of Hope For Oil Markets](https://feedsoft.ai/events/70661-crude-inventory-draw-offers-sliver-of-hope-for-oil-markets.md) | -1.9% | +10.0% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-little-changed-demand-weakness-offsets-sanctions-driven-supply-risks-2024-12-12/

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