# Oil settles $1 down as supply set to rise, uncertainty around Fed rate cuts | Reuters

> 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.

- Date: 2024-08-30 · published 2024-08-30T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/28686-oil-settles-1-down-as-supply-set-to-rise-uncertainty-around-fed-rate-cuts
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-steady-players-take-stock-middle-east-supply-concerns-2024-08-30/

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