# OPEC+ gambles that crude isn't too expensive to crimp demand

> Crude oil futures fell 5.6% on Wednesday to close at $85.81 a barrel, their lowest close in the period described. The decline was attributed to signs of weak US gasoline demand rather than OPEC+ production news.

- Date: 2023-10-05 · published 2023-10-05T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/9671-opec-gambles-that-crude-isn-t-too-expensive-to-crimp-demand
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Lower crude and weaker US fuel demand reduce energy input costs and can pressure biofuel margins, which tends to weigh on soybean oil and corn-based ethanol economics for feed buyers.

## 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 | Attributes the 5.6% fall to weak US gasoline demand rather than OPEC+ news. |
| BRENT | 2023-10-04 | 1 | -4.9% | -3.6 | Attributes the 5.6% fall to weak US gasoline demand rather than OPEC+ news, but it adds little beyond other sources. |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/opec-gambles-that-crude-isnt-too-expensive-crimp-demand-russell-2023-10-05/

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