# Oil falls 8% as global recession fears spook market | Oil and Gas News | Al Jazeera

> Oil fell about 8% and WTI settled below $96 for the first time since early April, as recession fears grew amid rising COVID cases in China and looming U.S. inflation data. Money managers cut their bullish positions to the lowest since 2020.

- Date: 2022-07-12 · published 2022-07-12T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/40647-oil-falls-8-as-global-recession-fears-spook-market-oil-and-gas-news-al-jazeera
- 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

Recession-driven demand destruction lowers energy and diesel costs, but also weakens risk appetite across commodities. Lower crude reduces biofuel-linked support for vegetable oils and corn.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-08-05 | [Emerging Markets equities slump as US recession fears spark global selloff](https://feedsoft.ai/events/12017-emerging-markets-equities-slump-as-us-recession-fears-spark-global-selloff.md) | +4.4% | -0.4% |
| WTI | 2022-07-06 | [Oil slides 2% to 12-week low on fears of global recession](https://feedsoft.ai/events/12613-oil-slides-2-to-12-week-low-on-fears-of-global-recession.md) | -3.8% | -4.6% |
| WTI | 2021-12-03 | [Oil drops for sixth straight week as Omicron jolts markets \| OPEC News \| Al Jazeera](https://feedsoft.ai/events/6302-oil-drops-for-sixth-straight-week-as-omicron-jolts-markets-opec-news-al-jazeera.md) | +6.5% | +13.1% |
| WTI | 2022-01-24 | [Oil falls 2% as Fed rate hike talk spooks risk markets](https://feedsoft.ai/events/43049-oil-falls-2-as-fed-rate-hike-talk-spooks-risk-markets.md) | +2.6% | +7.1% |
| WTI | 2022-07-11 | [EMERGING MARKETS-Colombian and Chilean pesos hit all-time-lows on commodity falls, recession fears](https://feedsoft.ai/events/40784-emerging-markets-colombian-and-chilean-pesos-hit-all-time-lows-on-commodity.md) | -6.8% | -14.4% |
| BRENT | 2022-07-06 | [Oil slides 2% to 12-week low on fears of global recession](https://feedsoft.ai/events/12613-oil-slides-2-to-12-week-low-on-fears-of-global-recession.md) | -3.2% | -2.9% |
| BRENT | 2021-12-03 | [Oil drops for sixth straight week as Omicron jolts markets \| OPEC News \| Al Jazeera](https://feedsoft.ai/events/6302-oil-drops-for-sixth-straight-week-as-omicron-jolts-markets-opec-news-al-jazeera.md) | +5.9% | +12.6% |
| BRENT | 2022-01-24 | [Oil falls 2% as Fed rate hike talk spooks risk markets](https://feedsoft.ai/events/43049-oil-falls-2-as-fed-rate-hike-talk-spooks-risk-markets.md) | +2.2% | +6.8% |

## Sources

- aljazeera.com: https://www.aljazeera.com/economy/2022/7/12/oil-falls-8-as-global-recession-fears-spook-market

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