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Oil prices fell on December 4 on concerns about weaker demand and uncertainty over the depth and duration of OPEC+ supply cuts. Brent settled down 85 cents at $78.03 and WTI fell $1.03 to $73.04.
The decline extended a 2% drop the previous week.
Doubts about OPEC+ supply discipline and softer demand expectations weigh on crude, lowering energy costs for diesel and biofuel feedstocks. This reduces some cost support for vegetable oil and feed-related commodities.
reuters.comErwin SebaDec 4, 2023After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
