# Oil settles lower on weak euro zone business activity

> Oil prices closed lower on concerns about weak demand, with Brent for November settling at $73.90 and US crude at $70.37. The decline followed weak euro zone business activity data.

- Date: 2024-09-23 · published 2024-09-23T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/28479-oil-settles-lower-on-weak-euro-zone-business-activity
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Weaker energy demand signals softer industrial activity, which tends to reduce energy-linked support for biofuel-driven vegetable oil and feed commodity prices.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 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) | +1.7% | +12.8% |
| BRENT | 2023-08-21 | [Crude oil settles lower as hope fades for Chinese demand](https://feedsoft.ai/events/34761-crude-oil-settles-lower-as-hope-fades-for-chinese-demand.md) | -0.5% | +11.0% |
| BRENT | 2024-07-30 | [Oil prices slide 1%, settle at 7-week low on China worries](https://feedsoft.ai/events/29441-oil-prices-slide-1-settle-at-7-week-low-on-china-worries.md) | -4.3% | +0.7% |
| BRENT | 2025-10-01 | [Oil settles lower as investors brace for possible OPEC+ output hike](https://feedsoft.ai/events/23036-oil-settles-lower-as-investors-brace-for-possible-opec-output-hike.md) | -2.2% | -5.2% |
| BRENT | 2024-12-19 | [Oil Notches Weekly Loss on Tariff Risk, Fed’s Slower Easing Path](https://feedsoft.ai/events/27127-oil-notches-weekly-loss-on-tariff-risk-fed-s-slower-easing-path.md) | -0.8% | +10.7% |
| 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 | 2023-08-21 | [Crude oil settles lower as hope fades for Chinese demand](https://feedsoft.ai/events/34761-crude-oil-settles-lower-as-hope-fades-for-chinese-demand.md) | -1.2% | +12.6% |
| WTI | 2024-07-30 | [Oil prices slide 1%, settle at 7-week low on China worries](https://feedsoft.ai/events/29441-oil-prices-slide-1-settle-at-7-week-low-on-china-worries.md) | -3.7% | +1.7% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-edges-up-following-us-rate-cut-move-geopolitical-concerns-2024-09-23/

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