# Oil slides 2.5% as US inventories build, weak economic data weighs

> 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%.

- Date: 2019-10-01 · published 2019-10-01T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/56752-oil-slides-2-5-as-us-inventories-build-weak-economic-data-weighs
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-05-03 | [U.S. oil inventories dip, but gasoline builds amid weak demand: EIA By Reuters](https://feedsoft.ai/events/10016-u-s-oil-inventories-dip-but-gasoline-builds-amid-weak-demand-eia-by-reuters.md) | -3.8% | +1.4% |
| WTI | 2020-09-10 | [Oil prices dip as inventory builds](https://feedsoft.ai/events/10509-oil-prices-dip-as-inventory-builds.md) | +5.6% | +4.8% |
| WTI | 2020-04-15 | [Oil drops on record inventory build, supply concerns](https://feedsoft.ai/events/4484-oil-drops-on-record-inventory-build-supply-concerns.md) | -32.0% | +25.9% |
| WTI | 2023-02-24 | [U.S. crude oil inventories rose as utilization drops](https://feedsoft.ai/events/37510-u-s-crude-oil-inventories-rose-as-utilization-drops.md) | +3.7% | -7.3% |
| WTI | 2018-02-07 | [Oil hits one-month low after U.S. inventory build](https://feedsoft.ai/events/11359-oil-hits-one-month-low-after-u-s-inventory-build.md) | -6.6% | -3.7% |
| BRENT | 2017-05-03 | [U.S. oil inventories dip, but gasoline builds amid weak demand: EIA By Reuters](https://feedsoft.ai/events/10016-u-s-oil-inventories-dip-but-gasoline-builds-amid-weak-demand-eia-by-reuters.md) | -4.0% | +2.7% |
| BRENT | 2020-09-10 | [Oil prices dip as inventory builds](https://feedsoft.ai/events/10509-oil-prices-dip-as-inventory-builds.md) | +3.3% | +2.3% |
| BRENT | 2020-04-15 | [Oil drops on record inventory build, supply concerns](https://feedsoft.ai/events/4484-oil-drops-on-record-inventory-build-supply-concerns.md) | -47.7% | +11.5% |

## Sources

- cnbc.com: https://www.cnbc.com/2019/10/01/oil-markets-us-oil-output-opec-in-focus.html

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