# Oil drops for fourth consecutive day on macroeconomic concerns  | The National

> Brent settled 1.6% lower and WTI fell 2.2% on Monday, October 2, 2023, extending a fourth straight daily decline. Brent traded below $90 a barrel on Tuesday. Fed officials signaled that rates would stay restrictive for some time to bring inflation down.

- Date: 2023-10-03 · published 2023-10-03T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/7915-oil-drops-for-fourth-consecutive-day-on-macroeconomic-concerns-the-national
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Expectations of higher-for-longer rates raise recession risk and reduce expected oil demand, which weighs on crude and diesel prices. Stronger dollar conditions can also affect commodity import demand.

## Read by commodity

- DXY: bullish ▲
- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2023-10-05 | 5 | -9.6% | -2.8 | A fourth straight daily decline on restrictive Fed rate signals and macro concerns added to the early-window drop. |
| BRENT | 2023-10-02 | 1 | -4.9% | -4.0 | Covers Oct 2 settlement declines and hawkish Fed signals of restrictive rates, a macro demand/sentiment headwind, though it reports a smaller 1.6% settlement move. |
| BRENT | 2023-10-04 | 1 | -4.9% | -3.6 | Prior declines on macro concerns and a restrictive Fed set up a weak sentiment backdrop that made the Oct 4 drop sharper. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-05-01 | [Oil drops 1% as economic growth concerns offset OPEC+ cuts](https://feedsoft.ai/events/36101-oil-drops-1-as-economic-growth-concerns-offset-opec-cuts.md) | -6.0% | -4.7% |
| BRENT | 2020-09-25 | [Oil prices down for the week on new coronavirus concerns](https://feedsoft.ai/events/51290-oil-prices-down-for-the-week-on-new-coronavirus-concerns.md) | -3.0% | +0.7% |
| BRENT | 2021-07-20 | [Oil extends decline as concerns over Covid-19 variant mount  \| The National](https://feedsoft.ai/events/6366-oil-extends-decline-as-concerns-over-covid-19-variant-mount-the-national.md) | +8.2% | +1.2% |
| BRENT | 2023-10-24 | [Oil drops for third straight session on weak European economic data \| Reuters](https://feedsoft.ai/events/33793-oil-drops-for-third-straight-session-on-weak-european-economic-data-reuters.md) | -2.0% | -8.9% |
| BRENT | 2020-02-25 | [Oil falls for fifth day on demand concerns as coronavirus spreads](https://feedsoft.ai/events/7111-oil-falls-for-fifth-day-on-demand-concerns-as-coronavirus-spreads.md) | -7.6% | -55.2% |
| WTI | 2023-05-01 | [Oil drops 1% as economic growth concerns offset OPEC+ cuts](https://feedsoft.ai/events/36101-oil-drops-1-as-economic-growth-concerns-offset-opec-cuts.md) | -7.1% | -5.6% |
| WTI | 2020-09-25 | [Oil prices down for the week on new coronavirus concerns](https://feedsoft.ai/events/51290-oil-prices-down-for-the-week-on-new-coronavirus-concerns.md) | -4.0% | +0.9% |
| WTI | 2021-07-20 | [Oil extends decline as concerns over Covid-19 variant mount  \| The National](https://feedsoft.ai/events/6366-oil-extends-decline-as-concerns-over-covid-19-variant-mount-the-national.md) | +8.5% | +1.4% |

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/energy/2023/10/03/oil-drops-for-fourth-consecutive-day-on-macroeconomic-concerns/

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