# Oil Traders Await Cheaper Saudi Crude With Demand Ebbing

> Oil futures are struggling to rise much above $40 a barrel as new coronavirus case spikes depress fuel demand through renewed local lockdowns, delayed returns to work and canceled travel. Crude production is rising at the same time. Traders are awaiting cheaper Saudi crude.

- Date: 2020-07-30 · published 2020-07-30T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/52261-oil-traders-await-cheaper-saudi-crude-with-demand-ebbing
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Weaker crude demand combined with rising output points to a return to surplus, which keeps energy prices soft and limits the cost pressure on feed ingredients tied to fuel and freight.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-12-20 | [Oil demand flashes red, sending crude prices even lower](https://feedsoft.ai/events/11080-oil-demand-flashes-red-sending-crude-prices-even-lower.md) | -6.7% | +12.5% |
| WTI | 2023-08-21 | [Crude oil settles lower as hope fades for Chinese demand](https://feedsoft.ai/events/34761-crude-oil-settles-lower-as-hope-fades-for-chinese-demand.md) | -1.2% | +12.6% |
| WTI | 2026-06-01 | [Corn, Wheat Continue to Fall with Crude Oil: Soybeans and Cattle Rally](https://feedsoft.ai/events/19274-corn-wheat-continue-to-fall-with-crude-oil-soybeans-and-cattle-rally.md) | +3.5% | -20.5% |
| WTI | 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) | -2.1% | -1.6% |
| WTI | 2020-03-30 | [Crude oil futures drop as pandemic darkens demand outlook](https://feedsoft.ai/events/5321-crude-oil-futures-drop-as-pandemic-darkens-demand-outlook.md) | +64.1% | -28.3% |
| BRENT | 2018-12-20 | [Oil demand flashes red, sending crude prices even lower](https://feedsoft.ai/events/11080-oil-demand-flashes-red-sending-crude-prices-even-lower.md) | -8.1% | +10.6% |
| BRENT | 2023-08-21 | [Crude oil settles lower as hope fades for Chinese demand](https://feedsoft.ai/events/34761-crude-oil-settles-lower-as-hope-fades-for-chinese-demand.md) | -0.5% | +11.0% |
| 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% |

## Sources

- washingtonpost.com: https://www.washingtonpost.com/business/energy/oil-traders-await-cheaper-saudi-crude-with-demand-ebbing/2020/07/30/bb24a9fe-d20e-11ea-826b-cc394d824e35_story.html?isMobile=1%2C1%2C1%2C1%2C1

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