# Commodities Corner: Oil on a Slippery Slope - Sharecafe

> Crude oil futures posted their biggest weekly percentage falls since April 2020, with WTI down 12.8% and Brent down 11.1%. The decline followed the U.S. reserve release, expected IEA member releases, Covid lockdowns in Shanghai, and concerns about a U.S. recession after the Fed raised rates.

- Date: 2022-04-03 · published 2022-04-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/11051-commodities-corner-oil-on-a-slippery-slope-sharecafe
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected coordinated reserve releases from other IEA members add supply and extend the downward pressure on crude. Demand worries from China and a possible U.S. slowdown reinforce the bearish price outlook.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2022-04-01 | 5 | -13.5% | -3.3 | It lists the SPR release, expected IEA releases, Shanghai Covid lockdowns (demand) and US recession fears after Fed hikes as drivers of the weekly drop. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-03-03 | [Commodities: Biofueled grain rally](https://feedsoft.ai/events/72086-commodities-biofueled-grain-rally.md) | -7.0% | -4.4% |
| WTI | 2020-12-01 | [Oil slides as OPEC+ delays decision on output cuts](https://feedsoft.ai/events/49561-oil-slides-as-opec-delays-decision-on-output-cuts.md) | +1.1% | +5.9% |
| WTI | 2017-12-01 | [U.S. Shale To Surge After OPEC Extension \| OilPrice.com](https://feedsoft.ai/events/67413-u-s-shale-to-surge-after-opec-extension-oilprice-com.md) | -1.5% | +5.3% |
| WTI | 2017-11-28 | [Oil prices slip on OPEC deal extension jitters](https://feedsoft.ai/events/68141-oil-prices-slip-on-opec-deal-extension-jitters.md) | -1.1% | +2.7% |
| WTI | 2022-04-01 | [Sharp decline in crude oil prices – EnergyScan](https://feedsoft.ai/events/11050-sharp-decline-in-crude-oil-prices-energyscan.md) | -4.4% | +4.2% |
| BRENT | 2025-06-01 | [Impact of Tariff Uncertainty on Global Oil and Commodity Prices](https://feedsoft.ai/events/10947-impact-of-tariff-uncertainty-on-global-oil-and-commodity-prices.md) | +4.9% | +7.0% |
| BRENT | 2020-12-01 | [Oil slides as OPEC+ delays decision on output cuts](https://feedsoft.ai/events/49561-oil-slides-as-opec-delays-decision-on-output-cuts.md) | +3.2% | +7.5% |
| BRENT | 2017-11-28 | [Oil prices slip on OPEC deal extension jitters](https://feedsoft.ai/events/68141-oil-prices-slip-on-opec-deal-extension-jitters.md) | -0.9% | +3.6% |

## Sources

- sharecafe.com.au: https://www.sharecafe.com.au/2022/04/03/commodities-corner-oil-on-a-slippery-slope/

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