# Oil extends slump to lowest in a month on slowdown fears

> 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.

- Date: 2023-10-04 · published 2023-10-04T12:00:00.000Z
- Category: market · region US · magnitude medium
- Page: https://feedsoft.ai/events/7912-oil-extends-slump-to-lowest-in-a-month-on-slowdown-fears
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼

## Sources

- afr.com: https://www.afr.com/markets/commodities/oil-extends-slump-to-lowest-in-a-month-on-slowdown-fears-20231005-p5e9vc

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