# Oil Prices Tumble On Demand Concerns Ahead Of OPEC+ Meeting

> Oil edged lower on Tuesday ahead of the OPEC+ meeting, as Hurricane Ida and emerging COVID-19 variants raised demand concerns. WTI fell about 1% to around $68.47 earlier in the session before paring losses, and Brent October dipped 0.5%. Investors also weighed the planned OPEC+ supply increase and the restoration of U.S. crude output after the storm.

- Date: 2021-08-31 · published 2021-08-31T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/45724-oil-prices-tumble-on-demand-concerns-ahead-of-opec-meeting
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Demand worries and expected supply increases point to softer crude prices, which lower diesel and fertilizer costs for feed producers. Weak Chinese factory activity adds to the bearish outlook.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-01-30 | [Oil Prices Hold Steady As Markets Await US Tariff Decisions, OPEC+ Meeting](https://feedsoft.ai/events/26669-oil-prices-hold-steady-as-markets-await-us-tariff-decisions-opec-meeting.md) | -2.1% | -3.2% |
| 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 | 2020-09-25 | [Oil prices down for the week on new coronavirus concerns](https://feedsoft.ai/events/51290-oil-prices-down-for-the-week-on-new-coronavirus-concerns.md) | -4.0% | +0.9% |
| 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% |
| WTI | 2024-05-30 | [Crude Prices Weighed Down by Energy Demand Concerns](https://feedsoft.ai/events/30418-crude-prices-weighed-down-by-energy-demand-concerns.md) | -6.5% | +3.4% |
| 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 | 2020-09-25 | [Oil prices down for the week on new coronavirus concerns](https://feedsoft.ai/events/51290-oil-prices-down-for-the-week-on-new-coronavirus-concerns.md) | -3.0% | +0.7% |
| BRENT | 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) | +0.4% | +2.6% |

## Sources

- db.forbesmiddleeast.com: https://db.forbesmiddleeast.com/industry/energy/oil-slips-ahead-of-opec-meet-as-investors-weigh-prospect-of-supply-increase

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