# Oil prices dips as global supply concerns ease - The Business Times

> 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.

- Date: 2023-10-31 · published 2023-10-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/33798-oil-prices-dips-as-global-supply-concerns-ease-the-business-times
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2023-10-31 | 1 | -3.7% | -3.1 | 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. |

## Sources

- businesstimes.com.sg: https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-prices-dips-global-supply-concerns-ease

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