# What led to this fall's oil price slide — and what might come next | CBC News

> WTI fell below $70 a barrel on Dec 12, down from around $90 in late September. Analysts blamed geopolitical instability, recession fears and doubts about whether OPEC+ output cuts would be followed through. The article notes seven straight weekly declines, the longest losing streak since 2018.

- Date: 2023-12-12 · published 2023-12-12T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/32886-what-led-to-this-fall-s-oil-price-slide-and-what-might-come-next-cbc-news
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Weaker crude lowers biofuel and fuel costs and reduces input costs for feed producers. Recession fears also point to softer industrial and feed demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-10-31 | [Canadian dollar slips to six-day low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/39347-canadian-dollar-slips-to-six-day-low-as-oil-prices-fall-the-globe-and-mail.md) | +5.4% | -12.2% |
| WTI | 2025-05-06 | [Why oil prices are falling and what it means for the economy : NPR](https://feedsoft.ai/events/24843-why-oil-prices-are-falling-and-what-it-means-for-the-economy-npr.md) | +8.3% | +10.0% |
| WTI | 2020-01-29 | [Canadian dollar nears seven-week low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/55300-canadian-dollar-nears-seven-week-low-as-oil-prices-fall-the-globe-and-mail.md) | -7.1% | -8.8% |
| WTI | 2020-09-10 | [Covid and trade war fears drop oil and fuel prices - Container News](https://feedsoft.ai/events/10505-covid-and-trade-war-fears-drop-oil-and-fuel-prices-container-news.md) | +5.6% | +4.8% |
| WTI | 2023-03-07 | [Oil and Gold Prices Slump As Powell Signals Further Rate Hikes to Come - Markets Insider](https://feedsoft.ai/events/36780-oil-and-gold-prices-slump-as-powell-signals-further-rate-hikes-to-come-markets.md) | -7.1% | -0.0% |
| BRENT | 2023-03-07 | [Oil and Gold Prices Slump As Powell Signals Further Rate Hikes to Come - Markets Insider](https://feedsoft.ai/events/36780-oil-and-gold-prices-slump-as-powell-signals-further-rate-hikes-to-come-markets.md) | -6.7% | -0.8% |
| BRENT | 2020-03-30 | [Coronavirus: Oil price collapses to lowest level for 18 years - BBC News](https://feedsoft.ai/events/5323-coronavirus-oil-price-collapses-to-lowest-level-for-18-years-bbc-news.md) | +21.9% | -26.3% |
| BRENT | 2022-07-31 | [Arab News \| Oil market shift to be marginally less tight](https://feedsoft.ai/events/40648-arab-news-oil-market-shift-to-be-marginally-less-tight.md) | -11.9% | -8.8% |

## Sources

- cbc.ca: https://www.cbc.ca/news/canada/calgary/oil-prices-jeremy-mccrea-tristan-goodman-alberta-calgary-1.7056554

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