# Oil down 6% in biggest loss in a year; Gasoline build hijacks OPEC show By Investing.com

> 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.

- Date: 2023-10-04 · published 2023-10-04T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7911-oil-down-6-in-biggest-loss-in-a-year-gasoline-build-hijacks-opec-show-by
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2023-10-04 | 1 | -4.9% | -3.6 | Cites the gasoline stock build, global economic worries, inflation and a hawkish Fed as drivers of the same-day drop. |
| BRENT | 2023-10-05 | 5 | -9.6% | -2.8 | Gasoline stock build, economic worries, inflation and a hawkish Fed weighed on crude on Oct 4. |

## Sources

- investing.com: https://www.investing.com/news/commodities-news/oil-down-4-in-biggest-loss-since-june-gasoline-stock-build-hijacks-opec-show-3190465

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