# Oil settles near 7-week lows, focus shifts to economy

> Oil prices settled on May 2, 2024 near seven-week lows, mixed and under pressure from weaker global demand, rising inventories and fading expectations for a quick US rate cut. Market attention shifted from geopolitics to economic data.

- Date: 2024-05-02 · published 2024-05-02T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/7232-oil-settles-near-7-week-lows-focus-shifts-to-economy
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Weaker energy demand and rising crude stocks signal softer biofuel and energy-linked demand for feed-relevant commodities. The bearish tone points to lower energy-linked input costs.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-pick-up-prospect-us-replenishing-strategic-reserve-2024-05-02/

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