# Oil settles down 2% on receding hurricane risk, lackluster China stimulus | Reuters

> WTI settled at $70.38, down 2.7% or $1.98, as receding hurricane risk and weak Chinese stimulus hit prices. About 23% of US Gulf of Mexico oil output was shut in as of Friday.

- Date: 2024-11-08 · published 2024-11-08T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/27564-oil-settles-down-2-on-receding-hurricane-risk-lackluster-china-stimulus-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Lower crude reduces diesel and energy costs for feed logistics, while weaker China demand expectations are a bearish signal for energy-linked commodities.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-05-03 | [Oil settles down on US jobs data, steepest weekly loss in 3 months \| Reuters](https://feedsoft.ai/events/7229-oil-settles-down-on-us-jobs-data-steepest-weekly-loss-in-3-months-reuters.md) | +0.4% | -3.0% |
| WTI | 2023-05-18 | [Oil prices settle down 1%; strong US data boosts dollar \| Reuters](https://feedsoft.ai/events/36137-oil-prices-settle-down-1-strong-us-data-boosts-dollar-reuters.md) | +2.1% | -3.0% |
| WTI | 2023-03-17 | [Oil prices settle down, post big weekly losses on bank fears \| Reuters](https://feedsoft.ai/events/37045-oil-prices-settle-down-post-big-weekly-losses-on-bank-fears-reuters.md) | +2.4% | +21.0% |
| WTI | 2024-09-10 | [Oil settles near 3-year low on weak demand outlook \| Reuters](https://feedsoft.ai/events/10169-oil-settles-near-3-year-low-on-weak-demand-outlook-reuters.md) | +2.1% | +11.9% |
| WTI | 2021-08-31 | [Oil settles down 1% as U.S. refineries shut; Washington pushes OPEC to pump more \| Reuters](https://feedsoft.ai/events/45721-oil-settles-down-1-as-u-s-refineries-shut-washington-pushes-opec-to-pump-more.md) | -1.2% | +8.9% |
| BRENT | 2024-05-03 | [Oil settles down on US jobs data, steepest weekly loss in 3 months \| Reuters](https://feedsoft.ai/events/7229-oil-settles-down-on-us-jobs-data-steepest-weekly-loss-in-3-months-reuters.md) | -0.8% | -4.4% |
| BRENT | 2023-05-18 | [Oil prices settle down 1%; strong US data boosts dollar \| Reuters](https://feedsoft.ai/events/36137-oil-prices-settle-down-1-strong-us-data-boosts-dollar-reuters.md) | +1.6% | -1.6% |
| BRENT | 2023-03-17 | [Oil prices settle down, post big weekly losses on bank fears \| Reuters](https://feedsoft.ai/events/37045-oil-prices-settle-down-post-big-weekly-losses-on-bank-fears-reuters.md) | +1.6% | +17.5% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-prices-fall-hurricane-rafael-expected-start-weakening-2024-11-08/

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