# Oil tumbles 4% on concerns over Europe curbs, rollouts

> Oil fell more than 4% on Tuesday as new COVID-19 curbs and slow vaccine rollouts in Europe weighed on demand. A stronger US dollar also pressured prices, and Brent's front-month spread flipped into a small contango.

- Date: 2021-03-23 · published 2021-03-23T12:00:00.000Z
- Category: macro · region Europe · magnitude medium
- Page: https://feedsoft.ai/events/10319-oil-tumbles-4-on-concerns-over-europe-curbs-rollouts
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Expected weaker European fuel demand and a stronger dollar push crude lower, while a strong dollar also makes dollar-priced commodities costlier for non-US buyers.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-08-31 | [Oil Prices Tumble On Demand Concerns Ahead Of OPEC+ Meeting](https://feedsoft.ai/events/45724-oil-prices-tumble-on-demand-concerns-ahead-of-opec-meeting.md) | -1.2% | +8.9% |
| 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 | 2020-10-29 | [Euro Down after ECB, Oil Tumbles, Dollar and Yen Rise - ActionForex](https://feedsoft.ai/events/50842-euro-down-after-ecb-oil-tumbles-dollar-and-yen-rise-actionforex.md) | +4.6% | +22.3% |
| WTI | 2023-12-12 | [Oil falls more than 3% on softening demand, oversupply concerns \| Reuters](https://feedsoft.ai/events/32904-oil-falls-more-than-3-on-softening-demand-oversupply-concerns-reuters.md) | +1.7% | +0.6% |
| 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% |
| BRENT | 2021-08-31 | [Oil Prices Tumble On Demand Concerns Ahead Of OPEC+ Meeting](https://feedsoft.ai/events/45724-oil-prices-tumble-on-demand-concerns-ahead-of-opec-meeting.md) | -0.4% | +8.7% |
| 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 | 2023-12-12 | [Oil falls more than 3% on softening demand, oversupply concerns \| Reuters](https://feedsoft.ai/events/32904-oil-falls-more-than-3-on-softening-demand-oversupply-concerns-reuters.md) | +3.3% | +2.3% |

## Sources

- cnbc.com: https://www.cnbc.com/2021/03/23/oil-markets-europe-coronavirus-curbs.html

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