# Oil prices sink after big, unexpected jump in US crude stockpiles

> Oil sank about 3% to $65.01, its lowest close since June 6, after the EIA reported a 6.8 million barrel rise in US crude stocks against a forecast draw. Brent fell to $70.78. Concerns about slowing global trade growth and a weaker stock market added to the selling.

- Date: 2018-08-15 · published 2018-08-15T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/63706-oil-prices-sink-after-big-unexpected-jump-in-us-crude-stockpiles
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Lower crude and diesel prices reduce energy costs for feed production and transport and weigh on biofuel-linked demand for vegetable oils.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-06-05 | [Oil sinks as US crude stockpiles unexpectedly surge](https://feedsoft.ai/events/10748-oil-sinks-as-us-crude-stockpiles-unexpectedly-surge.md) | -0.4% | +4.8% |
| WTI | 2018-02-07 | [Oil prices tank as US crude and fuel stockpiles jump](https://feedsoft.ai/events/11357-oil-prices-tank-as-us-crude-and-fuel-stockpiles-jump.md) | -6.6% | -3.7% |
| WTI | 2019-05-22 | [Oil prices sink as US crude and gasoline stockpiles rise](https://feedsoft.ai/events/9794-oil-prices-sink-as-us-crude-and-gasoline-stockpiles-rise.md) | -6.4% | -14.5% |
| WTI | 2023-07-26 | [Oil falls 1% after Fed rate hike, smaller-than-expected US crude stockdraw](https://feedsoft.ai/events/34960-oil-falls-1-after-fed-rate-hike-smaller-than-expected-us-crude-stockdraw.md) | +2.1% | +0.7% |
| WTI | 2024-05-01 | [Crude oil prices today: WTI falls to $79 on stockpile build, weak demand](https://feedsoft.ai/events/7236-crude-oil-prices-today-wti-falls-to-79-on-stockpile-build-weak-demand.md) | -4.3% | -3.7% |
| BRENT | 2019-06-05 | [Oil sinks as US crude stockpiles unexpectedly surge](https://feedsoft.ai/events/10748-oil-sinks-as-us-crude-stockpiles-unexpectedly-surge.md) | +0.3% | -0.3% |
| BRENT | 2018-02-07 | [Oil prices tank as US crude and fuel stockpiles jump](https://feedsoft.ai/events/11357-oil-prices-tank-as-us-crude-and-fuel-stockpiles-jump.md) | -6.7% | -1.6% |
| BRENT | 2019-05-22 | [Oil prices sink as US crude and gasoline stockpiles rise](https://feedsoft.ai/events/9794-oil-prices-sink-as-us-crude-and-gasoline-stockpiles-rise.md) | -3.5% | -14.1% |

## Sources

- cnbc.com: https://www.cnbc.com/2018/08/15/oil-markets-focus-on-us-crude-inventories-darkening-economic-outlook.html

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