# Oil hits four-month low as OPEC+ decision fails to allay demand worries

> Oil fell to a four-month low after OPEC+ agreed to extend most of its output cuts into 2025 but allowed voluntary cuts from eight members to be unwound gradually from October. Analysts said the outcome was negative for prices because the phase-out of cuts adds supply. Demand concerns also weighed on the market.

- Date: 2024-07-01 · published 2024-07-01T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/29655-oil-hits-four-month-low-as-opec-decision-fails-to-allay-demand-worries
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Market expectations of a gradual return of OPEC+ barrels cap crude upside and lower energy input costs over time. Weaker crude can reduce biofuel margins and the value of vegetable oil feedstocks.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-slip-despite-opec-production-cut-extension-2024-06-03/

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