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Oil prices fell on Wednesday after US data showed a 3.1 million barrel rise in crude inventories, more than analysts expected. Weak US manufacturing and private payrolls data also raised concerns about a slowdown in demand.
WTI and Brent both fell over 2%.
Rising US inventories and weaker economic demand signal an oversupplied market, which pushes down energy and diesel costs. Lower crude prices can ease freight and processing costs for feed buyers.
cnbc.comReutersOct 1, 2019After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
