# Oil slumps, hits six-week lows on revived supply concerns | Reuters

> Oil prices slumped on Nov. 17 to their lowest settlement since early October after OPEC and the IEA warned of impending oversupply. Rising COVID-19 cases in Europe increased downside risks to demand recovery.

- Date: 2021-11-17 · published 2021-11-17T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/11833-oil-slumps-hits-six-week-lows-on-revived-supply-concerns-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Warnings of oversupply and weaker European demand point to lower crude prices, reducing energy and transport costs for feed buyers, with bearish pressure on energy-linked agricultural products.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2021-11-17 | 1 | -2.6% | -3.1 | Reuters reports oil slumped on Nov 17 to a six-week low after OPEC and IEA oversupply warnings and rising European COVID cases hit the demand outlook, matching the move's date and size. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-04-15 | [Oil drops on record inventory build, supply concerns](https://feedsoft.ai/events/4484-oil-drops-on-record-inventory-build-supply-concerns.md) | -32.0% | +25.9% |
| WTI | 2020-01-08 | [Oil slumps, stocks soar as Mideast conflict worries fade \| Reuters](https://feedsoft.ai/events/9657-oil-slumps-stocks-soar-as-mideast-conflict-worries-fade-reuters.md) | -7.0% | -18.9% |
| WTI | 2024-06-01 | [Oil price forecasts cut as supply risks trend lower, Reuters poll finds](https://feedsoft.ai/events/30415-oil-price-forecasts-cut-as-supply-risks-trend-lower-reuters-poll-finds.md) | -1.9% | +8.5% |
| WTI | 2024-11-01 | [US Oil Production Hits Another Record, Adding to Supply Worries](https://feedsoft.ai/events/27770-us-oil-production-hits-another-record-adding-to-supply-worries.md) | +4.5% | -1.9% |
| WTI | 2018-08-31 | [OPEC August oil output hits 2018 high despite Iran losses: Reuters survey \| Reuters](https://feedsoft.ai/events/63440-opec-august-oil-output-hits-2018-high-despite-iran-losses-reuters-survey-reuters.md) | -3.6% | +4.2% |
| BRENT | 2020-04-15 | [Oil drops on record inventory build, supply concerns](https://feedsoft.ai/events/4484-oil-drops-on-record-inventory-build-supply-concerns.md) | -47.7% | +11.5% |
| BRENT | 2020-01-08 | [Oil slumps, stocks soar as Mideast conflict worries fade \| Reuters](https://feedsoft.ai/events/9657-oil-slumps-stocks-soar-as-mideast-conflict-worries-fade-reuters.md) | -5.9% | -21.3% |
| BRENT | 2024-06-01 | [Oil price forecasts cut as supply risks trend lower, Reuters poll finds](https://feedsoft.ai/events/30415-oil-price-forecasts-cut-as-supply-risks-trend-lower-reuters-poll-finds.md) | -2.0% | +7.9% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-falls-us-gasoline-stock-draw-raises-prospect-spr-release-2021-11-17/

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