# Oil inches down as US inflation data, rising OPEC output weigh | Reuters

> Oil prices edged lower on Thursday as U.S. PCE inflation data suggested a softening economy that could weaken crude demand. Rising OPEC output also weighed, with Brent settling at $83.62 and U.S. crude at $78.26.

- Date: 2024-02-29 · published 2024-02-29T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/31835-oil-inches-down-as-us-inflation-data-rising-opec-output-weigh-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Softer demand signals and higher OPEC output point to weaker energy prices, reducing diesel and transport costs for feed buyers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-05-03 | [Oil settles down on US jobs data, steepest weekly loss in 3 months \| Reuters](https://feedsoft.ai/events/7229-oil-settles-down-on-us-jobs-data-steepest-weekly-loss-in-3-months-reuters.md) | -0.8% | -4.4% |
| BRENT | 2025-06-01 | [Oil falls as higher OPEC+ output expectations weigh on sentiment](https://feedsoft.ai/events/24838-oil-falls-as-higher-opec-output-expectations-weigh-on-sentiment.md) | +4.9% | +7.0% |
| BRENT | 2021-08-31 | [Oil settles down 1% as U.S. refineries shut; Washington pushes OPEC to pump more \| Reuters](https://feedsoft.ai/events/45721-oil-settles-down-1-as-u-s-refineries-shut-washington-pushes-opec-to-pump-more.md) | -0.4% | +8.7% |
| BRENT | 2023-05-18 | [Oil prices settle down 1%; strong US data boosts dollar \| Reuters](https://feedsoft.ai/events/36137-oil-prices-settle-down-1-strong-us-data-boosts-dollar-reuters.md) | +1.6% | -1.6% |
| BRENT | 2023-05-11 | [Oil falls 2% on weak US and Chinese economic data \| Reuters](https://feedsoft.ai/events/36104-oil-falls-2-on-weak-us-and-chinese-economic-data-reuters.md) | +0.5% | -0.8% |
| WTI | 2024-05-03 | [Oil settles down on US jobs data, steepest weekly loss in 3 months \| Reuters](https://feedsoft.ai/events/7229-oil-settles-down-on-us-jobs-data-steepest-weekly-loss-in-3-months-reuters.md) | +0.4% | -3.0% |
| WTI | 2025-06-01 | [Oil falls as higher OPEC+ output expectations weigh on sentiment](https://feedsoft.ai/events/24838-oil-falls-as-higher-opec-output-expectations-weigh-on-sentiment.md) | +6.2% | +7.6% |
| WTI | 2021-08-31 | [Oil settles down 1% as U.S. refineries shut; Washington pushes OPEC to pump more \| Reuters](https://feedsoft.ai/events/45721-oil-settles-down-1-as-u-s-refineries-shut-washington-pushes-opec-to-pump-more.md) | -1.2% | +8.9% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-ease-us-crude-stock-build-fuels-demand-fears-2024-02-29/

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