# Crude posts biggest weekly losses since 2008, hit by coronavirus and Saudi price war

> Oil posted its biggest weekly loss since the 2008 financial crisis, with Brent down 25% on the week amid coronavirus demand shocks and Saudi-led efforts to flood the market. Brent settled at $33.85 on Friday after a rebound on government support signals.

- Date: 2020-03-13 · published 2020-03-13T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/4423-crude-posts-biggest-weekly-losses-since-2008-hit-by-coronavirus-and-saudi-price
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

A simultaneous supply and demand shock is pushing crude toward glut conditions, a bearish signal for energy and biofuel-linked feed prices.

## Read by commodity

- SBO: bearish ▼
- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-03-16 | 1 | -13.2% | -3.0 | Weekly-loss report ending Mar 13 shows Brent rebounded to $33.85 on Friday, so the Mar 16 drop resumed the Saudi price-war and coronavirus demand-shock selloff. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-03-30 | [Oil falls amid Saudi Arabia-Russia price war, coronavirus hits demand](https://feedsoft.ai/events/5322-oil-falls-amid-saudi-arabia-russia-price-war-coronavirus-hits-demand.md) | +21.9% | -26.3% |
| BRENT | 2026-05-29 | [Brent oil price in May posts biggest monthly loss since 2020](https://feedsoft.ai/events/12487-brent-oil-price-in-may-posts-biggest-monthly-loss-since-2020.md) | +2.5% | -21.2% |
| BRENT | 2026-05-29 | [Oil Sees Biggest Weekly Loss Since April on Iran Deal Talk](https://feedsoft.ai/events/12490-oil-sees-biggest-weekly-loss-since-april-on-iran-deal-talk.md) | +2.5% | -21.2% |
| BRENT | 2020-03-08 | [Oil prices crash by most since 1991 as Saudi Arabia launches price war \| CNN Business](https://feedsoft.ai/events/4426-oil-prices-crash-by-most-since-1991-as-saudi-arabia-launches-price-war-cnn.md) | -27.3% | -36.6% |
| BRENT | 2022-03-11 | [Oil settles up but posts biggest weekly decline since Nov \| Reuters](https://feedsoft.ai/events/5783-oil-settles-up-but-posts-biggest-weekly-decline-since-nov-reuters.md) | -1.7% | -10.5% |
| WTI | 2020-03-30 | [Oil falls amid Saudi Arabia-Russia price war, coronavirus hits demand](https://feedsoft.ai/events/5322-oil-falls-amid-saudi-arabia-russia-price-war-coronavirus-hits-demand.md) | +64.1% | -28.3% |
| WTI | 2026-05-29 | [Brent oil price in May posts biggest monthly loss since 2020](https://feedsoft.ai/events/12487-brent-oil-price-in-may-posts-biggest-monthly-loss-since-2020.md) | +4.6% | -23.5% |
| WTI | 2026-05-29 | [Oil Sees Biggest Weekly Loss Since April on Iran Deal Talk](https://feedsoft.ai/events/12490-oil-sees-biggest-weekly-loss-since-april-on-iran-deal-talk.md) | +4.6% | -23.5% |

## Sources

- reuters.com: https://www.reuters.com/article/us-global-oil/crude-posts-biggest-weekly-losses-since-2008-hit-by-coronavirus-and-saudi-price-war-idUSKBN21006N/

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