# Oil prices crash by most since 1991 as Saudi Arabia launches price war | CNN Business

> US crude oil prices crashed as much as 34% intraday to a four-year low of $27.34 a barrel as traders braced for Saudi Arabia to flood the market. WTI settled down nearly 26% at $31.13, while Brent closed down 24% at $33.36, both their worst days since 1991.

- Date: 2020-03-08 · published 2020-03-08T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/4426-oil-prices-crash-by-most-since-1991-as-saudi-arabia-launches-price-war-cnn
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

A price war and weak demand point to sustained oversupply, bearish for crude and energy-linked feed input costs such as biofuel feedstocks.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-03-12 | 5 | -39.5% | -12.1 | Brent closed down 24% in its worst day since 1991 as Saudi Arabia launched a price war, accounting for most of the 5-day decline. |
| BRENT | 2020-03-08 | 1 | -12.9% | -5.7 | It documents the crash in Brent and WTI as Saudi Arabia launched its price war, which is the move itself and its supply-driven cause. |
| BRENT | 2020-03-09 | 1 | -22.5% | -10.0 | Documents the crash as Saudi Arabia launched its price war, with Brent closing down about 24% and traders bracing for a market flood; its dating to March 8 is likely a weekend or timezone artifact. |
| SBO | 2020-03-11 | 5 | -10.1% | -4.4 | The worst crude daily drop since 1991 intensified energy-linked selling across vegetable oils. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-03-09 | [Oil crash: why Saudi Arabia has started a global crude price war](https://feedsoft.ai/events/54286-oil-crash-why-saudi-arabia-has-started-a-global-crude-price-war.md) | -23.0% | -31.2% |
| WTI | 2020-04-01 | [Oil Plunges Most Since 1991 After Producers Embark on Price War](https://feedsoft.ai/events/54280-oil-plunges-most-since-1991-after-producers-embark-on-price-war.md) | +15.0% | -6.8% |
| WTI | 2026-03-10 | [Oil prices dive as Trump says Iran war will end ‘very soon’ \| CNN Business](https://feedsoft.ai/events/6630-oil-prices-dive-as-trump-says-iran-war-will-end-very-soon-cnn-business.md) | -1.3% | +20.4% |
| WTI | 2020-01-08 | [Oil prices plunge as Trump speech eases Iran fears \| CNN Business](https://feedsoft.ai/events/9660-oil-prices-plunge-as-trump-speech-eases-iran-fears-cnn-business.md) | -7.0% | -18.9% |
| 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% |
| BRENT | 2020-03-09 | [Oil crash: why Saudi Arabia has started a global crude price war](https://feedsoft.ai/events/54286-oil-crash-why-saudi-arabia-has-started-a-global-crude-price-war.md) | -27.3% | -36.6% |
| BRENT | 2020-04-01 | [Oil Plunges Most Since 1991 After Producers Embark on Price War](https://feedsoft.ai/events/54280-oil-plunges-most-since-1991-after-producers-embark-on-price-war.md) | +44.4% | +9.2% |
| BRENT | 2026-03-10 | [Oil prices dive as Trump says Iran war will end ‘very soon’ \| CNN Business](https://feedsoft.ai/events/6630-oil-prices-dive-as-trump-says-iran-war-will-end-very-soon-cnn-business.md) | +4.1% | +27.2% |

## Sources

- cnn.com: https://www.cnn.com/2020/03/08/investing/oil-prices-crash-opec-russia-saudi-arabia

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