# Oil Prices Drop 6% As Worries Mount Over Demand Destruction - Markets Insider

> Oil prices dropped about 6% as JPMorgan analysts warned of demand destruction after the summer price rally. The bank's note said global oil demand could be weakening as peak travel season ends. Prices fell on those concerns.

- Date: 2023-10-04 · published 2023-10-04T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7914-oil-prices-drop-6-as-worries-mount-over-demand-destruction-markets-insider
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Demand destruction after a price spike points to lower crude prices in the near term. Lower energy costs reduce transport and processing costs for feed producers.

## 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 | JPMorgan's demand-destruction warning hit sentiment and contributed to the roughly 6% drop. |
| BRENT | 2023-10-04 | 1 | -4.9% | -3.6 | JPMorgan's warning of demand destruction after the summer rally hit sentiment and fed the selloff on Oct 4. |

## Sources

- markets.businessinsider.com: https://markets.businessinsider.com/news/commodities/oil-prices-wti-brent-crude-inventory-demand-destruction-economy-slowdown-2023-10

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