# Oil drops 1% as economic growth concerns offset OPEC+ cuts

> Oil fell about 1% on a Monday as weak economic data from China and expectations of another US interest rate hike weighed on prices. Brent settled at $78.45 a barrel and WTI at $75.66.

- Date: 2023-05-01 · published 2023-05-01T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/36101-oil-drops-1-as-economic-growth-concerns-offset-opec-cuts
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Weaker demand expectations push energy input costs lower, easing diesel and transport costs for feed buyers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-10-13 | [Oil falls 2% as OPEC cuts oil demand growth view, China concerns](https://feedsoft.ai/events/28026-oil-falls-2-as-opec-cuts-oil-demand-growth-view-china-concerns.md) | -8.3% | -7.0% |
| 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 | 2025-01-26 | [Oil Drops As Trump Urges OPEC To Cut Prices](https://feedsoft.ai/events/26667-oil-drops-as-trump-urges-opec-to-cut-prices.md) | -2.8% | -5.2% |
| WTI | 2021-11-30 | [Canadian dollar dips as Omicron variant concerns offset GDP gain - The Globe and Mail](https://feedsoft.ai/events/44264-canadian-dollar-dips-as-omicron-variant-concerns-offset-gdp-gain-the-globe-and.md) | -0.5% | +8.7% |
| WTI | 2021-03-23 | [Oil tumbles 4% on concerns over Europe curbs, rollouts](https://feedsoft.ai/events/10319-oil-tumbles-4-on-concerns-over-europe-curbs-rollouts.md) | +0.0% | +1.7% |
| BRENT | 2024-10-13 | [Oil falls 2% as OPEC cuts oil demand growth view, China concerns](https://feedsoft.ai/events/28026-oil-falls-2-as-opec-cuts-oil-demand-growth-view-china-concerns.md) | -8.5% | -7.2% |
| BRENT | 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) | -1.3% | -2.1% |
| BRENT | 2025-01-26 | [Oil Drops As Trump Urges OPEC To Cut Prices](https://feedsoft.ai/events/26667-oil-drops-as-trump-urges-opec-to-cut-prices.md) | -2.1% | -5.0% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-slide-fed-rate-hike-expectations-weaker-china-pmi-2023-05-01/

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