# Oil prices extend rapid slide on demand worries

> Oil prices fell about 2% on Thursday, extending the prior session's near 6% loss. The decline came despite an OPEC+ decision to maintain output cuts.

- Date: 2023-10-05 · published 2023-10-05T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/7359-oil-prices-extend-rapid-slide-on-demand-worries
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Demand worries are overpowering supply restraint, pointing to lower energy prices that influence biofuel and feed-input costs.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2023-10-05 | 5 | -9.6% | -2.8 | A further ~2% decline on Oct 5 extended the prior session's slide on demand worries, within the window. |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-tick-up-after-opec-panel-maintains-output-cuts-2023-10-05/

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