Oil Falls With Broader Commodity Weakness Amidst Listless Trade
(Bloomberg) -- The air is being sucked out of the oil market, with prices collapsing on Friday in the face of dwindling volume and volatility — the lifeblood of crude traders.
West Texas Intermediate fell to near $80 a barrel, posting the biggest one-day loss since early June. Futures capped a second straight weekly decline. Volatility has remained near multi-year lows, while volumes were lower than the 10-day average, according to data compiled by Bloomberg. Bearish sentiment across the broader commodity markets also weighed on oil.
Still, WTI’s prompt spread — the price difference between its two nearest contracts — is in backwardation. The bullish pattern signals demand is outweighing supply in the short term.
![](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iUPbT9mnk4Fs/v2/-1x-1.png)
In broader markets, computer systems at businesses and public services were disrupted after a botched update of a widely used cybersecurity program took down Microsoft Corp. systems. The underlying cause of the issue has been fixed and oil futures continued to trade throughout the outage.
Crude is still higher this year, aided by OPEC+ supply restraint, a recent decline in US stockpiles, and expectations for lower interest rates from the Federal Reserve. In the near term, traders are also tracking wildfires in Canada that have threatened some supply and supported prompt pricing, though headline futures prices have struggled for direction of late.
©2024 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news
![BloomburgMedia_SJ7JU4T0G1KW00_03-09-2024_07-25-11_638609184000000000.jpg](/media/42vbt3xd/bloomburgmedia_sj7ju4t0g1kw00_03-09-2024_07-25-11_638609184000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133698219118300000&format=webp)
Oil Steadies as China Demand Concerns Offset Libyan Disruptions
![Wintershall Dea](/media/mfqgmlil/wintershall-dea.jpg?anchor=center&mode=crop&width=240&height=135&rnd=132907778621870000&format=webp)
Wintershall Dea E&P assets transferred to Harbour Energy as sale process completes
![BloomburgMedia_SIZEHQT1UM0W00_02-09-2024_12-43-09_638608320000000000.jpg](/media/jtadjthz/bloomburgmedia_sizehqt1um0w00_02-09-2024_12-43-09_638608320000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133697545893770000&format=webp)
Kyle Bass Says Blackballing Oil Has Proved a Bad Bet for ESG
![BloomburgMedia_SJ4YE6DWRGG000_02-09-2024_08-15-45_638608320000000000.jpg](/media/hktbsbzd/bloomburgmedia_sj4ye6dwrgg000_02-09-2024_08-15-45_638608320000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133697385454570000&format=webp)
Oil Extends Drop on Signs of OPEC+ Output Boost and China Woes
![BloomburgMedia_SJ05DMDWLU6900_30-08-2024_07-01-49_638605728000000000.jpg](/media/1ucjwhn5/bloomburgmedia_sj05dmdwlu6900_30-08-2024_07-01-49_638605728000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133694749090630000&format=webp)
Oil Holds Gain on Positive US Economic Data, Libya Disruptions
![BloomburgMedia_SIYAVJDWLU6800_29-08-2024_07-00-51_638604864000000000.jpg](/media/ix4nt3sb/bloomburgmedia_siyavjdwlu6800_29-08-2024_07-00-51_638604864000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133693884510470000&format=webp)
Oil Holds Losses as Slipping Equities Vie With Stockpiles, Libya
![BloomburgMedia_SIV7XWDWX2PT00_28-08-2024_07-18-48_638604000000000000.jpg](/media/c31pclof/bloomburgmedia_siv7xwdwx2pt00_28-08-2024_07-18-48_638604000000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133693031286300000&format=webp)
Oil Steadies After Technical Drop as US Stockpiles Seen Falling
![BloomburgMedia_SIUWJ0DWLU6800_27-08-2024_06-00-10_638603136000000000.jpg](/media/5coi0jyd/bloomburgmedia_siuwj0dwlu6800_27-08-2024_06-00-10_638603136000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133692120103900000&format=webp)
Wall Street Sours On Oil as Goldman Flags Risks From OPEC+ Boost
![BloomburgMedia_SITFLVDWLU6800_27-08-2024_06-16-47_638603136000000000.png](/media/yapobhgk/bloomburgmedia_sitflvdwlu6800_27-08-2024_06-16-47_638603136000000000.png?anchor=center&mode=crop&width=240&height=135&rnd=133692130071730000&format=webp)
Oil Steadies After Three-Day Rally as Libya Adds to Supply Woes
![Woodside](/media/tq5juvf3/woodside.jpg?anchor=center&mode=crop&width=240&height=135&rnd=132834340121370000&format=webp)
Woodside reports $1.94 billion half-year profit amid major project milestones
![Thumbnail (1)](/media/avnnkwbu/thumbnail.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133651637018400000&format=webp)
Why data centres and AI could shake up the global LNG market
![Thumbnail](/media/kfob3oys/thumbnail.png?anchor=center&mode=crop&width=540&height=300&rnd=133600616585730000&format=webp)
Why energy executives expect the world to hit net zero by 2060
![CSIS Thumbnail](/media/o0acqjyg/csis_thumbnail.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133566075809700000&format=webp)
CSIS: long-term LNG demand to reshape global export capacity growth
![Dr Carole Nakhle Thumbnail](/media/gqrpjths/dr-carole-nakhle_thumbnail.png?anchor=center&mode=crop&width=540&height=300&rnd=133542056370600000&format=webp)
More women in energy vital to the industry’s success
![Vandana Hari Thumbnail](/media/gz3dyktl/vandana-hari-thumbnail.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133511540022930000&format=webp)
India’s energy sector presents lucrative opportunities for global companies
Partner content
![Dewatermark.Ai 1723035294692](/media/0pujudcn/dewatermark-ai_1723035294692.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133675125990530000&format=webp)
Integrally geared compressors cut the carbon and boost carbon capture
![Navigating the trading seas: exploring the significance of benchmarks-1859882229](/media/qlacaiww/navigating-the-trading-seas-exploring-the-significance-of-benchmarks-1859882229.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133613577584600000&format=webp)
Navigating the trading seas: exploring the significance of benchmarks
![New Lng Ship Web 17829](/media/vjrjyypa/new-lng-ship-web-17829.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133179936218300000&format=webp)
Back to the Future(s): the best commodities benchmarks are still physically settled
![Dr Klaus](/media/4eyh2dr0/dr-klaus.jpg?center=0.3953747239980292,0.50683017007953435&mode=crop&width=540&height=300&rnd=133517897092430000&format=webp)
Ebara Elliott Energy offers a range of products for a sustainable energy economy
![ESSAR](/media/5uafghtj/essar.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133524466961070000&format=webp)