# Oil settles lower on weak demand despite OPEC+ cut extension

> Brent futures settled 75 cents lower at $82.80 a barrel on March 4 despite the OPEC+ cut extension. Weak heating oil demand and talk of a Gaza ceasefire weighed on prices.

- Date: 2024-03-04 · published 2024-03-04T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/31109-oil-settles-lower-on-weak-demand-despite-opec-cut-extension
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Softer crude reduces pressure on biofuel margins and freight costs, modestly easing input costs for feed producers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-rises-after-opec-extends-output-cuts-2024-03-04/

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