# Oil settles $1 down as supply set to rise - Markets - Business Recorder

> Oil futures settled lower on Friday as OPEC+ supply was expected to rise from October and hopes for a large US rate cut faded after strong consumer spending data. Brent settled $1.14 lower at $78.80 and WTI fell $2.36 to $73.55.

- Date: 2024-08-31 · published 2024-08-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/28951-oil-settles-1-down-as-supply-set-to-rise-markets-business-recorder
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected OPEC+ supply increases and weaker rate-cut hopes push crude and energy-linked costs lower, which eases diesel and freight costs for feed makers while weakening the biofuel-linked vegetable oil complex.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- brecorder.com: https://www.brecorder.com/news/40320247

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