# Oil falls more than 3% on softening demand, oversupply concerns | Reuters

> Oil prices fell more than 3% on December 12 to their lowest level in six months. Brent settled down $2.79 at $73.24 a barrel and WTI fell to $68.61. The drop followed a US consumer price report that rose unexpectedly and concerns about oversupply.

- Date: 2023-12-12 · published 2023-12-12T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/32904-oil-falls-more-than-3-on-softening-demand-oversupply-concerns-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Softer crude prices lower the cost of diesel, freight and fertilizer inputs, and weaken the economics of biofuel feedstocks such as soybean oil. Demand worries ahead of OPEC and IEA forecast updates point to continued pressure on energy-linked feed input costs.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-02-25 | [Oil falls for fifth day on demand concerns as coronavirus spreads](https://feedsoft.ai/events/7111-oil-falls-for-fifth-day-on-demand-concerns-as-coronavirus-spreads.md) | -7.6% | -55.2% |
| BRENT | 2023-12-12 | [U.S. crude oil falls more than 3% on inflation worries](https://feedsoft.ai/events/32888-u-s-crude-oil-falls-more-than-3-on-inflation-worries.md) | +3.3% | +2.3% |
| BRENT | 2020-10-29 | [Oil falls more than 3%, on track for worst week since April](https://feedsoft.ai/events/50799-oil-falls-more-than-3-on-track-for-worst-week-since-april.md) | +5.1% | +24.6% |
| BRENT | 2022-10-14 | [Oil prices fall more than 3% on recession worries](https://feedsoft.ai/events/39282-oil-prices-fall-more-than-3-on-recession-worries.md) | -3.1% | -1.0% |
| BRENT | 2024-10-13 | [Oil falls 2% as OPEC cuts oil demand growth view, China concerns](https://feedsoft.ai/events/28026-oil-falls-2-as-opec-cuts-oil-demand-growth-view-china-concerns.md) | -8.5% | -7.2% |
| WTI | 2020-02-25 | [Oil falls for fifth day on demand concerns as coronavirus spreads](https://feedsoft.ai/events/7111-oil-falls-for-fifth-day-on-demand-concerns-as-coronavirus-spreads.md) | -9.0% | -54.6% |
| WTI | 2023-12-12 | [U.S. crude oil falls more than 3% on inflation worries](https://feedsoft.ai/events/32888-u-s-crude-oil-falls-more-than-3-on-inflation-worries.md) | +1.7% | +0.6% |
| WTI | 2020-10-29 | [Oil falls more than 3%, on track for worst week since April](https://feedsoft.ai/events/50799-oil-falls-more-than-3-on-track-for-worst-week-since-april.md) | +4.6% | +22.3% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-steady-ahead-interest-rate-decisions-opec-supply-cut-doubts-2023-12-12/

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