# Oil falls on OPEC+ oversupply, US jobless data - Markets - Business Recorder

> Oil fell about 1% on Thursday after Reuters reported that some OPEC+ members would need to cut an extra 2.31 million barrels per day to offset recent oversupply. Prices also came under pressure as US jobless claims rose back above 1 million, signalling a slow economic recovery.

- Date: 2020-08-20 · published 2020-08-20T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/51783-oil-falls-on-opec-oversupply-us-jobless-data-markets-business-recorder
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Oversupply and weaker economic data point to softer energy prices, which lowers input and freight costs for feed buyers. The bearish pressure depends on whether OPEC+ enforces the proposed extra cuts.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-01-01 | [Asian FX higher - Markets - Business Recorder](https://feedsoft.ai/events/11838-asian-fx-higher-markets-business-recorder.md) | -2.0% | +7.5% |
| BRENT | 2020-02-26 | [Oil plunges deeper into bear market on coronavirus fallout \| CNN Business](https://feedsoft.ai/events/54751-oil-plunges-deeper-into-bear-market-on-coronavirus-fallout-cnn-business.md) | -5.6% | -53.2% |
| BRENT | 2023-05-11 | [Oil falls 2% on weak US and Chinese economic data \| Reuters](https://feedsoft.ai/events/36104-oil-falls-2-on-weak-us-and-chinese-economic-data-reuters.md) | +0.5% | -0.8% |
| BRENT | 2019-05-24 | [Oil Falls As US-China Trade War, Demand Make 'Recipe for Disaster' - Business Insider](https://feedsoft.ai/events/9797-oil-falls-as-us-china-trade-war-demand-make-recipe-for-disaster-business-insider.md) | -3.6% | -3.6% |
| BRENT | 2023-12-12 | [Oil falls more than 3% on softening demand, oversupply concerns \| Reuters](https://feedsoft.ai/events/32904-oil-falls-more-than-3-on-softening-demand-oversupply-concerns-reuters.md) | +3.3% | +2.3% |
| WTI | 2022-03-16 | [Palm extends losses - Markets - Business Recorder](https://feedsoft.ai/events/5497-palm-extends-losses-markets-business-recorder.md) | +15.4% | +4.3% |
| WTI | 2020-06-30 | [C$ pares monthly gain as data shows record economic contraction - Markets - Business Recorder](https://feedsoft.ai/events/52858-c-pares-monthly-gain-as-data-shows-record-economic-contraction-markets-business.md) | +2.3% | +3.2% |
| WTI | 2021-05-19 | [US MIDDAY: Soyabean, wheat and corn plunge - Markets - Business Recorder](https://feedsoft.ai/events/12365-us-midday-soyabean-wheat-and-corn-plunge-markets-business-recorder.md) | +1.1% | +10.0% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40013647

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