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Oil futures settled about 1% lower as U.S. refineries shut ahead of Hurricane Ida's landfall. Brent's October contract, due to expire Tuesday, settled down 0.6% at $72.99 a barrel, and WTI settled down 1% at $68.50.
Sources told Reuters that OPEC+ is likely to keep its planned output increase despite Washington's push for more supply.
Lower crude prices reduce input costs for diesel, fertilizer and freight, which weighs on feed production costs. Expected OPEC+ supply increases add to the bearish pressure on energy prices.
reuters.comLaura SanicolaAug 31, 2021After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
