# Oil dips nearly 4% on weak demand outlook and higher OPEC output

> Brent fell $1.52, or 3.6%, to $40.78 and WTI fell 3.8% to $38.71 on September 30. Rising COVID-19 cases and new lockdowns in Madrid and Moscow weighed on demand. Higher OPEC output in the prior month added to the pressure.

- Date: 2020-10-01 · published 2020-10-01T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/50818-oil-dips-nearly-4-on-weak-demand-outlook-and-higher-opec-output
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower crude prices reduce the incentive for biofuel blending and weigh on vegetable oil and corn-based ethanol margins.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-09-10 | [Oil settles near 3-year low on weak demand outlook \| Reuters](https://feedsoft.ai/events/10169-oil-settles-near-3-year-low-on-weak-demand-outlook-reuters.md) | +1.7% | +12.8% |
| BRENT | 2022-07-12 | [Brent crude settles below $100/bbl on higher dollar, weak demand outlook](https://feedsoft.ai/events/40661-brent-crude-settles-below-100-bbl-on-higher-dollar-weak-demand-outlook.md) | +0.7% | -9.8% |
| BRENT | 2025-06-01 | [Oil falls as higher OPEC+ output expectations weigh on sentiment](https://feedsoft.ai/events/24838-oil-falls-as-higher-opec-output-expectations-weigh-on-sentiment.md) | +4.9% | +7.0% |
| BRENT | 2024-10-15 | [Oil plunges 4% as Iran supply disruption concerns ease, demand outlook weakens](https://feedsoft.ai/events/28029-oil-plunges-4-as-iran-supply-disruption-concerns-ease-demand-outlook-weakens.md) | -5.4% | -7.6% |
| BRENT | 2020-03-29 | [OIL FUTURES: WTI tests $20/b as pandemic-weakened demand outlooks dim](https://feedsoft.ai/events/9204-oil-futures-wti-tests-20-b-as-pandemic-weakened-demand-outlooks-dim.md) | +21.9% | -26.3% |
| WTI | 2024-09-10 | [Oil settles near 3-year low on weak demand outlook \| Reuters](https://feedsoft.ai/events/10169-oil-settles-near-3-year-low-on-weak-demand-outlook-reuters.md) | +2.1% | +11.9% |
| WTI | 2022-07-12 | [Brent crude settles below $100/bbl on higher dollar, weak demand outlook](https://feedsoft.ai/events/40661-brent-crude-settles-below-100-bbl-on-higher-dollar-weak-demand-outlook.md) | -1.5% | -12.2% |
| WTI | 2025-06-01 | [Oil falls as higher OPEC+ output expectations weigh on sentiment](https://feedsoft.ai/events/24838-oil-falls-as-higher-opec-output-expectations-weigh-on-sentiment.md) | +6.2% | +7.6% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/10/01/oil-markets-coronavirus.html

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