# Oil jumps more than 2% on optimistic inventory data

> The EIA said U.S. crude inventories fell by 2 million barrels in the week ending Sept. 25, against analyst expectations of a 400,000-barrel build. WTI settled 2.37% higher at $40.22 a barrel, while Brent slipped 8 cents, as markets looked past oversupply worries.

- Date: 2020-09-30 · published 2020-09-30T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/51054-oil-jumps-more-than-2-on-optimistic-inventory-data
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Crude prices feed into diesel and biofuel costs, which affect feed-ingredient logistics and the margins of biofuel plants that take soybean oil and corn. The inventory draw supports energy prices in the short term, but rising Covid cases still cap demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: neutral

## Sources

- cnbc.com: https://www.cnbc.com/2020/09/30/oil-markets-coronavirus.html

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