# Oil falls 2% as OPEC cuts oil demand growth view, China concerns

> Oil fell about 2% after OPEC cut its 2024 and 2025 global oil demand growth forecasts, mainly on weaker Chinese demand. China's crude imports for the first nine months fell nearly 3% year on year.

- Date: 2024-10-13 · published 2024-10-13T12:00:00.000Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/28026-oil-falls-2-as-opec-cuts-oil-demand-growth-view-china-concerns
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower demand growth forecasts weigh on crude and energy-linked costs, with weaker Chinese import demand reducing energy-driven input pressure.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-05-01 | [Oil drops 1% as economic growth concerns offset OPEC+ cuts](https://feedsoft.ai/events/36101-oil-drops-1-as-economic-growth-concerns-offset-opec-cuts.md) | -6.0% | -4.7% |
| BRENT | 2020-02-25 | [Oil falls for fifth day on demand concerns as coronavirus spreads](https://feedsoft.ai/events/7111-oil-falls-for-fifth-day-on-demand-concerns-as-coronavirus-spreads.md) | -7.6% | -55.2% |
| BRENT | 2021-08-31 | [Oil Prices Tumble On Demand Concerns Ahead Of OPEC+ Meeting](https://feedsoft.ai/events/45724-oil-prices-tumble-on-demand-concerns-ahead-of-opec-meeting.md) | -0.4% | +8.7% |
| BRENT | 2023-12-12 | [Oil falls more than 3% on softening demand, oversupply concerns \| Reuters](https://feedsoft.ai/events/32904-oil-falls-more-than-3-on-softening-demand-oversupply-concerns-reuters.md) | +3.3% | +2.3% |
| BRENT | 2025-01-27 | [Oil hits 2-week low as China's DeepSeek AI spurs demand fears \| Reuters](https://feedsoft.ai/events/26682-oil-hits-2-week-low-as-china-s-deepseek-ai-spurs-demand-fears-reuters.md) | -2.1% | -5.0% |
| WTI | 2023-05-01 | [Oil drops 1% as economic growth concerns offset OPEC+ cuts](https://feedsoft.ai/events/36101-oil-drops-1-as-economic-growth-concerns-offset-opec-cuts.md) | -7.1% | -5.6% |
| WTI | 2020-02-25 | [Oil falls for fifth day on demand concerns as coronavirus spreads](https://feedsoft.ai/events/7111-oil-falls-for-fifth-day-on-demand-concerns-as-coronavirus-spreads.md) | -9.0% | -54.6% |
| WTI | 2021-08-31 | [Oil Prices Tumble On Demand Concerns Ahead Of OPEC+ Meeting](https://feedsoft.ai/events/45724-oil-prices-tumble-on-demand-concerns-ahead-of-opec-meeting.md) | -1.2% | +8.9% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-fall-by-more-than-1-chinese-economic-data-2024-10-13/

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