# Brent Oil Price Tumbles Below $70 as Oversupply Fears Deepen Rout - Bloomberg

> Brent crude fell below $70 a barrel for the first time in over two years, settling at $69.19. WTI settled at $65.75, the lowest close for both grades since December.

- Date: 2024-09-10 · published 2024-09-10T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/28478-brent-oil-price-tumbles-below-70-as-oversupply-fears-deepen-rout-bloomberg
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower crude weakens the economics of biofuels and raises the relative cost of vegetable oil feedstocks, which can pressure soybean oil and palm oil prices.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2024-09-10/brent-oil-tumbles-below-70-as-oversupply-fears-deepen-rout

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