# Oil Falls As Rise In US Crude Stocks Fans Over-Supply Fears

> Oil fell more than 5% on Oct 28 as a larger-than-expected US crude stock build and renewed European restrictions raised oversupply fears. WTI was down 5.4% to $37.44 and Brent lost 4.6% to $39.32.

- Date: 2020-10-28 · published 2020-10-28T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/50802-oil-falls-as-rise-in-us-crude-stocks-fans-over-supply-fears
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A surprise US inventory build and weaker fuel demand from European restrictions point to lower crude prices, reducing energy and transport cost pressure on feed supply chains.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-12-24 | [US crude falls below $43 a barrel as stock market sinks](https://feedsoft.ai/events/8703-us-crude-falls-below-43-a-barrel-as-stock-market-sinks.md) | -0.5% | +15.7% |
| WTI | 2023-08-16 | [Oil settles lower as China fears, rate hikes counter tight US supply](https://feedsoft.ai/events/34769-oil-settles-lower-as-china-fears-rate-hikes-counter-tight-us-supply.md) | -0.9% | +9.3% |
| WTI | 2020-03-11 | [Carnage in Latin America as oil plummets; coronavirus fears rise \| OilNOW](https://feedsoft.ai/events/54404-carnage-in-latin-america-as-oil-plummets-coronavirus-fears-rise-oilnow.md) | -21.7% | -31.5% |
| WTI | 2020-08-20 | [Oil falls on OPEC+ oversupply, US jobless data - Markets - Business Recorder](https://feedsoft.ai/events/51783-oil-falls-on-opec-oversupply-us-jobless-data-markets-business-recorder.md) | +0.8% | -4.5% |
| WTI | 2023-12-12 | [U.S. crude oil falls more than 3% on inflation worries](https://feedsoft.ai/events/32888-u-s-crude-oil-falls-more-than-3-on-inflation-worries.md) | +1.7% | +0.6% |
| BRENT | 2023-08-16 | [Oil settles lower as China fears, rate hikes counter tight US supply](https://feedsoft.ai/events/34769-oil-settles-lower-as-china-fears-rate-hikes-counter-tight-us-supply.md) | -1.4% | +8.5% |
| BRENT | 2020-03-11 | [Carnage in Latin America as oil plummets; coronavirus fears rise \| OilNOW](https://feedsoft.ai/events/54404-carnage-in-latin-america-as-oil-plummets-coronavirus-fears-rise-oilnow.md) | -22.1% | -27.1% |
| BRENT | 2020-08-20 | [Oil falls on OPEC+ oversupply, US jobless data - Markets - Business Recorder](https://feedsoft.ai/events/51783-oil-falls-on-opec-oversupply-us-jobless-data-markets-business-recorder.md) | +0.9% | -7.9% |

## Sources

- forbesmiddleeast.com: https://www.forbesmiddleeast.com/industry/energy/oil-falls-over-3-with-growing-covid-19-restrictions-in-europe

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