# Oil drops for third straight session on weak European economic data | Reuters

> Brent fell $1.76 to $88.07 and WTI fell $1.75 to $83.74 on Oct 24, marking a third straight session of losses. Weak European economic data weighed on sentiment, though manufacturing had exited a five-month contraction.

- Date: 2023-10-24 · published 2023-10-24T12:00:00.000Z
- Category: macro · region Europe · magnitude low
- Page: https://feedsoft.ai/events/33793-oil-drops-for-third-straight-session-on-weak-european-economic-data-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Weaker European demand expectations pressure crude prices, lowering energy costs along the feed chain. The move is a routine market wrap with no major supply change.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 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) | +0.4% | -1.7% |
| WTI | 2023-02-02 | [Oil slumps on economic data, stronger U.S. dollar](https://feedsoft.ai/events/37234-oil-slumps-on-economic-data-stronger-u-s-dollar.md) | +2.8% | +2.3% |
| WTI | 2021-12-03 | [Oil drops for sixth straight week as Omicron jolts markets \| OPEC News \| Al Jazeera](https://feedsoft.ai/events/6302-oil-drops-for-sixth-straight-week-as-omicron-jolts-markets-opec-news-al-jazeera.md) | +6.5% | +13.1% |
| WTI | 2023-10-03 | [Oil drops for fourth consecutive day on macroeconomic concerns  \| The National](https://feedsoft.ai/events/7915-oil-drops-for-fourth-consecutive-day-on-macroeconomic-concerns-the-national.md) | -5.4% | -6.8% |
| WTI | 2024-09-10 | [Oil settles near 3-year low on weak demand outlook \| Reuters](https://feedsoft.ai/events/10169-oil-settles-near-3-year-low-on-weak-demand-outlook-reuters.md) | +2.1% | +11.9% |
| 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% |
| BRENT | 2023-02-02 | [Oil slumps on economic data, stronger U.S. dollar](https://feedsoft.ai/events/37234-oil-slumps-on-economic-data-stronger-u-s-dollar.md) | +2.9% | +2.2% |
| BRENT | 2021-12-03 | [Oil drops for sixth straight week as Omicron jolts markets \| OPEC News \| Al Jazeera](https://feedsoft.ai/events/6302-oil-drops-for-sixth-straight-week-as-omicron-jolts-markets-opec-news-al-jazeera.md) | +5.9% | +12.6% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-rebound-israel-hamas-war-uncertainty-2023-10-24/

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