# Oil settles down on lower U.S. consumer confidence, coming SPR release | Reuters

> Oil settled lower on Tuesday as investors worried about weaker U.S. consumer confidence and an upcoming Strategic Petroleum Reserve release. Brent fell 75 cents to $104.40 and WTI fell to $94.98.

- Date: 2022-07-26 · published 2022-07-26T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/40645-oil-settles-down-on-lower-u-s-consumer-confidence-coming-spr-release-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Lower crude and an SPR release add supply to the market and reduce diesel and energy costs for feed milling and transport. Lower energy prices also reduce biofuel economics for vegetable oils and corn.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-rises-russian-gas-cut-europe-may-encourage-switching-crude-2022-07-26/

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