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WTI slumped 5.6% to settle below $85 a barrel on October 4, 2023, its biggest one-day drop since September 2022. The decline followed early signs of weakening demand and worries about high interest rates.
Oil prices reached their lowest level in a month.
Early signs of demand weakness combined with high interest rates point to lower crude prices. This lowers energy costs for the feed supply chain, though the effect on feed grain prices is limited.
afr.comJulia FanzeresOct 4, 2023Not 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.
