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Oil settled about $1 lower as OPEC+ looked set to proceed with its planned output hike. Uncertainty over the timing of Federal Reserve rate cuts also weighed on sentiment.
The decline reflects expectations of more supply and softer macro demand, which lowers diesel and freight costs. It is routine price movement rather than a major new supply shock.
reuters.comGeorgina MccartneyAug 30, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
