# Oil records monthly loss on growing supply glut concerns | The National

> Oil posted a monthly loss on May 31 as Brent fell to $81.62 and WTI to $76.99 amid supply glut concerns. The IEA cut its 2024 demand growth forecast while non-OPEC+ supply is projected to rise.

- Date: 2024-05-31 · published 2024-05-31T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/30431-oil-records-monthly-loss-on-growing-supply-glut-concerns-the-national
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

A growing supply surplus and contango point to softer crude prices, which lowers diesel costs and weighs on biofuel-linked vegetable oil demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/energy/2024/05/31/oil-set-to-record-monthly-loss-on-growing-supply-glut-concerns/

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