# Oil settles lower on weak China data, stronger US dollar

> Oil prices settled lower on Wednesday as a stronger U.S. dollar and weak Chinese economic data weighed on crude. Brent for August delivery fell $1.11 to $72.60 a barrel and WTI dropped 2% to $68.09.

- Date: 2023-05-31 · published 2023-05-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/36109-oil-settles-lower-on-weak-china-data-stronger-us-dollar
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Crude weakness lowers diesel and energy costs for feed production and transport, though the move is routine market commentary with no major new supply driver.

## Read by commodity

- DXY: bullish ▲
- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-edges-up-after-steep-losses-ahead-us-debt-ceiling-vote-2023-05-31/

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