# Oil slips on demand concerns, prospect of OPEC+ hike

> Oil fell on Friday and was set for a weekly decline as demand concerns and expected OPEC+ supply increases from October weighed on prices. Libyan outages limited the losses, and Iraqi supply was expected to shrink after it exceeded its OPEC+ quota.

- Date: 2024-08-30 · published 2024-08-30T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/28952-oil-slips-on-demand-concerns-prospect-of-opec-hike
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Bigger OPEC+ supply and softer demand point to lower crude prices, which reduces energy input costs and pressures vegetable oil prices tied to biodiesel.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- ajot.com: https://www.ajot.com/news/oil-slips-on-demand-concerns-prospect-of-opec-hike

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