# Oil Futures Sell-Off as Evidence of Economic Slowdown Mount

> Oil futures on NYMEX and Brent fell sharply on October 31, 2022, after weak Chinese and Chicago manufacturing data. The moves reflected growing concern about a global economic slowdown that outweighed tight distillate supplies. Eurozone growth also slowed in the third quarter.

- Date: 2022-10-31 · published 2022-10-31T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7920-oil-futures-sell-off-as-evidence-of-economic-slowdown-mount
- 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

Expectations of weaker global demand pull crude and diesel prices lower, which can ease fuel costs for feed and grain logistics. Distillate tightness limits how far the decline can go.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-12-24 | [Oil plunges 6 percent as economic slowdown fears grip market](https://feedsoft.ai/events/8700-oil-plunges-6-percent-as-economic-slowdown-fears-grip-market.md) | -0.5% | +15.7% |
| WTI | 2024-05-03 | [Oil Slumps as Macroeconomic Data Highlight Demand Slowdown](https://feedsoft.ai/events/7235-oil-slumps-as-macroeconomic-data-highlight-demand-slowdown.md) | +0.4% | -3.0% |
| WTI | 2018-10-30 | [Oil prices fall as economic outlook deteriorates: Kemp](https://feedsoft.ai/events/9159-oil-prices-fall-as-economic-outlook-deteriorates-kemp.md) | -5.8% | -23.3% |
| 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 | 2018-12-20 | [Oil prices tumble to lowest in more than a year as equities sell off](https://feedsoft.ai/events/8517-oil-prices-tumble-to-lowest-in-more-than-a-year-as-equities-sell-off.md) | -6.7% | +12.5% |
| BRENT | 2018-12-24 | [Oil plunges 6 percent as economic slowdown fears grip market](https://feedsoft.ai/events/8700-oil-plunges-6-percent-as-economic-slowdown-fears-grip-market.md) | -1.3% | +15.8% |
| BRENT | 2018-10-30 | [Oil prices fall as economic outlook deteriorates: Kemp](https://feedsoft.ai/events/9159-oil-prices-fall-as-economic-outlook-deteriorates-kemp.md) | -5.8% | -22.4% |
| 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% |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/world-policy/article/2022/10/31/oil-futures-sell-evidence-economic

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