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WTI settled down $5.01, or 5.6%, at $84.22 on October 4, 2023, its biggest one-day loss since September 2022. Brent fell about $5.11 as concerns about the global economy and a gasoline stock build weighed on prices.
Traders also pointed to inflation and a hawkish Federal Reserve.
Concerns about global growth and tighter monetary policy reduce expected energy demand, which pushes crude and diesel lower. Lower energy prices reduce input costs for feed processing and transport.
investing.comBarani KrishnanOct 4, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Cites the gasoline stock build, global economic worries, inflation and a hawkish Fed as drivers of the same-day drop.
Gasoline stock build, economic worries, inflation and a hawkish Fed weighed on crude on Oct 4.
