# Oil takes a hit | articles | ING THINK

> Oil posted its largest daily sell-off since July 2022, with Brent settling 5.62% lower despite unchanged OPEC+ policy. US gasoline inventories rose about 6.5 million barrels while implied gasoline demand fell to 8.01 million bpd.

- Date: 2023-10-05 · published 2023-10-05T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/7362-oil-takes-a-hit-articles-ing-think
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Weak implied demand and high rates point to softer crude prices, which lowers energy costs and reduces biofuel demand support for oilseeds and corn.

## 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 | Largest daily sell-off since July 2022 with a gasoline stock build and falling implied demand, even with OPEC+ policy unchanged. |
| BRENT | 2023-10-04 | 1 | -4.9% | -3.6 | Describes the Brent drop with a gasoline inventory build and weaker implied demand, matching the cause, though it is dated a day later. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-05-02 | [The Commodities Feed: What goes up, must come down \| articles \| ING THINK](https://feedsoft.ai/events/7234-the-commodities-feed-what-goes-up-must-come-down-articles-ing-think.md) | -0.6% | -2.2% |
| BRENT | 2023-06-12 | [The Commodities Feed: USDA pushes up wheat supply estimates \| articles \| ING THINK](https://feedsoft.ai/events/35446-the-commodities-feed-usda-pushes-up-wheat-supply-estimates-articles-ing-think.md) | +2.6% | +5.2% |
| BRENT | 2024-11-01 | [US Oil Production Hits Another Record, Adding to Supply Worries](https://feedsoft.ai/events/27770-us-oil-production-hits-another-record-adding-to-supply-worries.md) | +3.4% | +0.2% |
| BRENT | 2018-02-07 | [Oil hits one-month low after U.S. inventory build](https://feedsoft.ai/events/11359-oil-hits-one-month-low-after-u-s-inventory-build.md) | -6.7% | -1.6% |
| BRENT | 2018-10-11 | [OPEC hikes oil output in September as Iran's production falls](https://feedsoft.ai/events/62459-opec-hikes-oil-output-in-september-as-iran-s-production-falls.md) | -4.2% | -14.8% |
| WTI | 2024-05-02 | [The Commodities Feed: What goes up, must come down \| articles \| ING THINK](https://feedsoft.ai/events/7234-the-commodities-feed-what-goes-up-must-come-down-articles-ing-think.md) | -0.1% | -1.9% |
| WTI | 2024-11-01 | [US Oil Production Hits Another Record, Adding to Supply Worries](https://feedsoft.ai/events/27770-us-oil-production-hits-another-record-adding-to-supply-worries.md) | +4.5% | -1.9% |
| WTI | 2018-02-07 | [Oil hits one-month low after U.S. inventory build](https://feedsoft.ai/events/11359-oil-hits-one-month-low-after-u-s-inventory-build.md) | -6.6% | -3.7% |

## Sources

- think.ing.com: https://think.ing.com/articles/oil-takes-a-hit051023/

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