# Latest Oil Prices, Market News and Analysis for May 3 - Bloomberg

> Bloomberg reported that oil posted its biggest weekly decline since February as geopolitical risks in the Middle East eased. West Texas Intermediate settled near $78 a barrel, its lowest close since mid-March, while Hamas was studying a proposed temporary ceasefire.

- Date: 2024-05-02 · published 2024-05-02T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude low
- Page: https://feedsoft.ai/events/7231-latest-oil-prices-market-news-and-analysis-for-may-3-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Easing Middle East risk removes the war premium from crude, which lowers biofuel feedstock and ethanol input costs. Lower energy prices can soften demand for vegetable oils used in biodiesel.

## Read by commodity

- WTI: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-08-23 | [Latest Oil Prices, Market News and Analysis for August 23 - Bloomberg](https://feedsoft.ai/events/34758-latest-oil-prices-market-news-and-analysis-for-august-23-bloomberg.md) | +1.1% | +11.6% |
| WTI | 2025-06-23 | [Latest Oil Market News and Analysis for June 24 - Bloomberg](https://feedsoft.ai/events/9998-latest-oil-market-news-and-analysis-for-june-24-bloomberg.md) | -12.2% | -9.7% |
| WTI | 2026-04-01 | [Grain, Oilseed Prices Fall as Traders Look for End to Iran War - Bloomberg](https://feedsoft.ai/events/19762-grain-oilseed-prices-fall-as-traders-look-for-end-to-iran-war-bloomberg.md) | -6.6% | +6.7% |
| WTI | 2024-03-25 | [Opec+ 7 agree another output target hike in August \| Latest Market News](https://feedsoft.ai/events/31111-opec-7-agree-another-output-target-hike-in-august-latest-market-news.md) | +4.1% | +3.2% |
| WTI | 2026-03-10 | [Oil and gas prices fall after Trump says war is 'very complete' - BBC News](https://feedsoft.ai/events/9387-oil-and-gas-prices-fall-after-trump-says-war-is-very-complete-bbc-news.md) | -1.3% | +20.4% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2024-05-02/latest-oil-market-news-and-analysis-for-may-3

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