# Oil prices plunge as Omicron's rapid spread dims fuel demand outlook

> Oil prices slumped on December 20 as Omicron case surges in Europe and the US raised fears of new restrictions hurting fuel demand. Brent settled at $71.52 and WTI at $68.23.

- Date: 2021-12-20 · published 2021-12-20T12:00:00.000Z
- Category: disease · region Global · magnitude low
- Page: https://feedsoft.ai/events/43756-oil-prices-plunge-as-omicron-s-rapid-spread-dims-fuel-demand-outlook
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Weaker crude expectations lower diesel and freight costs over time, but the demand fear also weighs on biofuel-linked vegetable oil and feed demand sentiment.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-01-23 | [Oil falls 3% as specter of China virus threatens fuel demand](https://feedsoft.ai/events/12377-oil-falls-3-as-specter-of-china-virus-threatens-fuel-demand.md) | -6.1% | -5.3% |
| 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 | 2020-02-03 | [Oil hits 13-month lows as coronavirus cuts demand](https://feedsoft.ai/events/7406-oil-hits-13-month-lows-as-coronavirus-cuts-demand.md) | -2.4% | -9.3% |
| WTI | 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) | -15.0% | -5.7% |
| 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% |
| BRENT | 2020-01-23 | [Oil falls 3% as specter of China virus threatens fuel demand](https://feedsoft.ai/events/12377-oil-falls-3-as-specter-of-china-virus-threatens-fuel-demand.md) | -4.8% | -5.2% |
| 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 | 2020-02-03 | [Oil hits 13-month lows as coronavirus cuts demand](https://feedsoft.ai/events/7406-oil-hits-13-month-lows-as-coronavirus-cuts-demand.md) | -6.0% | -12.2% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-prices-drop-2-rapid-omicron-spread-dims-fuel-demand-outlook-2021-12-20/

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