# Crude oil settles lower as hope fades for Chinese demand

> Crude oil settled lower as hopes faded for a recovery in Chinese demand. Brent settled at $84.46 and WTI at $80.72. China has been drawing on record inventories after refiners cut purchases when prices rose above $80.

- Date: 2023-08-21 · published 2023-08-21T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/34761-crude-oil-settles-lower-as-hope-fades-for-chinese-demand
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Weak Chinese crude buying reduces global demand growth and weighs on prices, despite OPEC+ supply cuts.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-12-20 | [Oil demand flashes red, sending crude prices even lower](https://feedsoft.ai/events/11080-oil-demand-flashes-red-sending-crude-prices-even-lower.md) | -6.7% | +12.5% |
| WTI | 2023-08-16 | [Oil settles lower as China fears, rate hikes counter tight US supply](https://feedsoft.ai/events/34769-oil-settles-lower-as-china-fears-rate-hikes-counter-tight-us-supply.md) | -0.9% | +9.3% |
| WTI | 2025-03-05 | [Declining crude oil and vegetable oil prices lower prices for sunflower seeds and oil in Ukraine](https://feedsoft.ai/events/11140-declining-crude-oil-and-vegetable-oil-prices-lower-prices-for-sunflower-seeds.md) | -2.9% | +4.5% |
| WTI | 2025-10-01 | [Oil settles lower as investors brace for possible OPEC+ output hike](https://feedsoft.ai/events/23036-oil-settles-lower-as-investors-brace-for-possible-opec-output-hike.md) | -1.0% | -3.5% |
| WTI | 2019-05-24 | [Oil Falls As US-China Trade War, Demand Make 'Recipe for Disaster' - Business Insider](https://feedsoft.ai/events/9797-oil-falls-as-us-china-trade-war-demand-make-recipe-for-disaster-business-insider.md) | -2.1% | -1.6% |
| BRENT | 2018-12-20 | [Oil demand flashes red, sending crude prices even lower](https://feedsoft.ai/events/11080-oil-demand-flashes-red-sending-crude-prices-even-lower.md) | -8.1% | +10.6% |
| BRENT | 2023-08-16 | [Oil settles lower as China fears, rate hikes counter tight US supply](https://feedsoft.ai/events/34769-oil-settles-lower-as-china-fears-rate-hikes-counter-tight-us-supply.md) | -1.4% | +8.5% |
| BRENT | 2025-03-05 | [Declining crude oil and vegetable oil prices lower prices for sunflower seeds and oil in Ukraine](https://feedsoft.ai/events/11140-declining-crude-oil-and-vegetable-oil-prices-lower-prices-for-sunflower-seeds.md) | -1.6% | +6.2% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-flat-rates-anxiety-china-gloom-offset-tighter-supply-2023-08-21/

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