# Oil markets turning bearish amid signs of pandemic’s accelerating economic impact

> Brent crude fell below $40 a barrel for the first time since June as signs of a second pandemic wave emerged. China's buying slowed, some Middle East producers cut prices, and US inventories stayed high despite OPEC+ easing its output cuts.

- Date: 2020-09-09 · published 2020-09-09T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/10504-oil-markets-turning-bearish-amid-signs-of-pandemic-s-accelerating-economic
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Falling crude prices and a weaker demand outlook reduce energy and fertilizer input costs over time but also weigh on biofuel economics that support vegetable oil and corn demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2019-06-04 | [Oil price slump: is this an economic warning?  - UNSW BusinessThink](https://feedsoft.ai/events/11309-oil-price-slump-is-this-an-economic-warning-unsw-businessthink.md) | +1.7% | +4.6% |
| BRENT | 2020-09-09 | [Second wave of floating storage triggered by ailing oil market \| Financial Post](https://feedsoft.ai/events/10507-second-wave-of-floating-storage-triggered-by-ailing-oil-market-financial-post.md) | +2.3% | +7.2% |
| BRENT | 2020-02-24 | [Oil slides into bear market territory, posting worst day in more than a month](https://feedsoft.ai/events/7115-oil-slides-into-bear-market-territory-posting-worst-day-in-more-than-a-month.md) | -13.0% | -55.2% |
| BRENT | 2022-10-31 | [Oil Futures Sell-Off as Evidence of Economic Slowdown Mount](https://feedsoft.ai/events/7920-oil-futures-sell-off-as-evidence-of-economic-slowdown-mount.md) | +4.0% | -12.3% |
| 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 | 2019-06-04 | [Oil price slump: is this an economic warning?  - UNSW BusinessThink](https://feedsoft.ai/events/11309-oil-price-slump-is-this-an-economic-warning-unsw-businessthink.md) | +0.1% | +10.7% |
| WTI | 2020-02-24 | [Oil slides into bear market territory, posting worst day in more than a month](https://feedsoft.ai/events/7115-oil-slides-into-bear-market-territory-posting-worst-day-in-more-than-a-month.md) | -16.0% | -61.7% |

## Sources

- worldoil.com: https://www.worldoil.com/news/2020/9/9/oil-markets-turning-bearish-amid-signs-of-pandemic-s-accelerating-economic-impact

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