# Oil falls 3% as specter of China virus threatens fuel demand

> Brent fell to around $62 and WTI settled at $55.59, with WTI touching its lowest level since November. Two Chinese cities were placed under lockdown as the coronavirus killed 17 people and infected nearly 600.

- Date: 2020-01-23 · published 2020-01-23T12:00:00.000Z
- Category: disease · region China · magnitude medium
- Page: https://feedsoft.ai/events/12377-oil-falls-3-as-specter-of-china-virus-threatens-fuel-demand
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Fears of weaker travel and fuel demand from the outbreak are pushing crude lower, and fuel-linked input costs for feed producers would follow. A drawdown in US crude inventories limited the losses.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-01-27 | 5 | -9.0% | -2.9 | Brent fell about 3% on Jan 23 as lockdowns and rising virus cases threatened Chinese fuel demand, starting the weekly slide. |
| WTI | 2020-01-27 | 5 | -9.3% | -2.8 | WTI fell 3% to $55.59 on Jan 23 on lockdowns threatening Chinese fuel demand, starting the weekly decline. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-02-04 | [Oil extends decline as virus hits China demand \| Daily FT](https://feedsoft.ai/events/7410-oil-extends-decline-as-virus-hits-china-demand-daily-ft.md) | -1.6% | -3.7% |
| BRENT | 2020-02-03 | [Oil Slide Reaches $50 a Barrel After Virus Curbs China Demand - Bloomberg](https://feedsoft.ai/events/7407-oil-slide-reaches-50-a-barrel-after-virus-curbs-china-demand-bloomberg.md) | -6.0% | -12.2% |
| BRENT | 2020-01-27 | [Oil drops below $60 as China virus drives demand concern \| Fox Business](https://feedsoft.ai/events/54975-oil-drops-below-60-as-china-virus-drives-demand-concern-fox-business.md) | -3.4% | -2.4% |
| BRENT | 2021-11-26 | [Oil crashes as coronavirus strain threatens demand recovery \| Oil and Gas News \| Al Jazeera](https://feedsoft.ai/events/4773-oil-crashes-as-coronavirus-strain-threatens-demand-recovery-oil-and-gas-news-al.md) | -14.7% | -6.8% |
| BRENT | 2022-04-22 | [Crudes Fall 4% Week Over Week as China's Lockdowns Stoke Demand Fears](https://feedsoft.ai/events/41762-crudes-fall-4-week-over-week-as-china-s-lockdowns-stoke-demand-fears.md) | -1.0% | +4.5% |
| WTI | 2020-02-04 | [Oil extends decline as virus hits China demand \| Daily FT](https://feedsoft.ai/events/7410-oil-extends-decline-as-virus-hits-china-demand-daily-ft.md) | -1.0% | -5.7% |
| WTI | 2020-02-03 | [Oil Slide Reaches $50 a Barrel After Virus Curbs China Demand - Bloomberg](https://feedsoft.ai/events/7407-oil-slide-reaches-50-a-barrel-after-virus-curbs-china-demand-bloomberg.md) | -2.4% | -9.3% |
| WTI | 2020-01-27 | [Oil drops below $60 as China virus drives demand concern \| Fox Business](https://feedsoft.ai/events/54975-oil-drops-below-60-as-china-virus-drives-demand-concern-fox-business.md) | -4.7% | -5.1% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/01/23/oil-markets-coronavirus-us-oil-inventories-in-focus.html

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