# Oil settles lower but ends quarter up 28% on tight global supply

> Oil prices settled about 1% lower on Friday on profit-taking and macroeconomic worries, but Brent and WTI still finished the quarter up roughly 27-29%. Brent November settled at $95.31 and WTI at $90.97 as OPEC+ production cuts tightened global crude supply.

- Date: 2023-09-29 · published 2023-09-29T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/34272-oil-settles-lower-but-ends-quarter-up-28-on-tight-global-supply
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Crude prices near $90-100 raise diesel and energy costs for feed mills, grain transport and fertilizer, and keep pressure on biofuel-linked vegetable oil values. The quarter-end gains point to firm energy costs heading into the next feed price cycle.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2023-10-01 | 1 | -2.4% | -3.7 | Prior session settled lower on profit-taking and macro worries, reflecting the same sentiment-driven selling that carried into the move. |

## Sources

- cnbc.com: https://www.cnbc.com/2023/09/29/oil-prices-fall-as-russia-saudi-arabia-expected-to-boost-supply.html
- reuters.com: https://www.reuters.com/business/energy/oil-prices-fall-russia-saudi-arabia-expected-boost-supply-2023-09-29/

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