# Oil Slumps as Macroeconomic Data Highlight Demand Slowdown

> Oil futures fell on May 3, 2024 and posted steep weekly losses as weak US macro data showed an economic slowdown. An unexpected contraction in the US services sector, a rise in unemployment and weaker-than-expected job growth weighed on fuel demand and the dollar.

- Date: 2024-05-03 · published 2024-05-03T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/7235-oil-slumps-as-macroeconomic-data-highlight-demand-slowdown
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Weaker US growth and fuel demand reduce energy-linked support for biofuel feedstocks such as corn and soybean oil. A softer dollar in the session can lift dollar-priced commodities, partly offsetting the energy drag.

## Read by commodity

- DXY: bearish ▼
- WTI: bearish ▼
- DIESEL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-02-02 | [Oil slumps on economic data, stronger U.S. dollar](https://feedsoft.ai/events/37234-oil-slumps-on-economic-data-stronger-u-s-dollar.md) | +2.8% | +2.3% |
| WTI | 2022-10-31 | [Oil Futures Sell-Off as Evidence of Economic Slowdown Mount](https://feedsoft.ai/events/7920-oil-futures-sell-off-as-evidence-of-economic-slowdown-mount.md) | +5.4% | -12.2% |
| WTI | 2018-12-24 | [Oil plunges 6 percent as economic slowdown fears grip market](https://feedsoft.ai/events/8700-oil-plunges-6-percent-as-economic-slowdown-fears-grip-market.md) | -0.5% | +15.7% |
| WTI | 2022-04-25 | [Oil slumps 4% as Shanghai lockdowns stoke demand fears](https://feedsoft.ai/events/42020-oil-slumps-4-as-shanghai-lockdowns-stoke-demand-fears.md) | +2.0% | +10.0% |
| WTI | 2021-03-19 | [Oil battered in ugly week as demand concerns, dollar spur slump](https://feedsoft.ai/events/7045-oil-battered-in-ugly-week-as-demand-concerns-dollar-spur-slump.md) | -2.4% | +5.3% |
| DIESEL | 2022-10-31 | [Oil Futures Sell-Off as Evidence of Economic Slowdown Mount](https://feedsoft.ai/events/7920-oil-futures-sell-off-as-evidence-of-economic-slowdown-mount.md) | -7.9% | -32.0% |
| DIESEL | 2022-04-25 | [Oil slumps 4% as Shanghai lockdowns stoke demand fears](https://feedsoft.ai/events/42020-oil-slumps-4-as-shanghai-lockdowns-stoke-demand-fears.md) | +17.0% | -3.7% |
| DIESEL | 2019-05-29 | [: Global economic slowdown hits diesel consumption - Kemp](https://feedsoft.ai/events/10409-global-economic-slowdown-hits-diesel-consumption-kemp.md) | -8.6% | -3.6% |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/world-policy/article/2024/05/03/oil-heads-weekly-loss-inflation

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