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Brent for December delivery settled 4 cents lower at $87.41 a barrel on October 31, and WTI fell about 1.6%. Prices eased as markets worried less about Middle East supply disruption and as data showed rising OPEC and US output, while weaker Chinese activity data added to demand concerns.
Easing supply risk and rising output point to softer energy prices, lowering diesel and freight costs for feed ingredients, while weaker Chinese fuel demand adds downside pressure.
businesstimes.com.sgOct 31, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Directly describes Oct 31 oil weakness as Middle East supply-disruption fears eased, OPEC and US output rose, and weak Chinese data hurt demand, which fits the sentiment, supply and demand drivers of the drop.
