# Stocks, crude plunge on economic data, oil oversupply

> Oil prices sank after the IEA forecast a 29 million barrel per day drop in April demand, to levels not seen in 25 years. The agency said no output cut could fully offset the near-term decline.

- Date: 2020-04-15 · published 2020-04-15T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/4482-stocks-crude-plunge-on-economic-data-oil-oversupply
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A forecast demand collapse of this scale points to a large oversupply and downward price pressure on crude. Weaker energy prices reduce biofuel economics and related feedstock demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-10-28 | [Oil declines from multi-year-highs over build in US crude stocks](https://feedsoft.ai/events/44719-oil-declines-from-multi-year-highs-over-build-in-us-crude-stocks.md) | -2.2% | -5.2% |
| WTI | 2019-06-05 | [Oil sinks as US crude stockpiles unexpectedly surge](https://feedsoft.ai/events/10748-oil-sinks-as-us-crude-stockpiles-unexpectedly-surge.md) | -0.4% | +4.8% |
| WTI | 2019-10-01 | [Oil slides 2.5% as US inventories build, weak economic data weighs](https://feedsoft.ai/events/56752-oil-slides-2-5-as-us-inventories-build-weak-economic-data-weighs.md) | -2.5% | +2.9% |
| WTI | 2024-05-01 | [Crude oil prices today: WTI falls to $79 on stockpile build, weak demand](https://feedsoft.ai/events/7236-crude-oil-prices-today-wti-falls-to-79-on-stockpile-build-weak-demand.md) | -4.3% | -3.7% |
| WTI | 2018-02-12 | [OPEC hikes 2018 forecast for oil supply growth on a flood of US crude](https://feedsoft.ai/events/66425-opec-hikes-2018-forecast-for-oil-supply-growth-on-a-flood-of-us-crude.md) | +4.4% | +3.6% |
| BRENT | 2021-10-28 | [Oil declines from multi-year-highs over build in US crude stocks](https://feedsoft.ai/events/44719-oil-declines-from-multi-year-highs-over-build-in-us-crude-stocks.md) | -3.3% | -2.4% |
| BRENT | 2019-06-05 | [Oil sinks as US crude stockpiles unexpectedly surge](https://feedsoft.ai/events/10748-oil-sinks-as-us-crude-stockpiles-unexpectedly-surge.md) | +0.3% | -0.3% |
| BRENT | 2019-10-01 | [Oil slides 2.5% as US inventories build, weak economic data weighs](https://feedsoft.ai/events/56752-oil-slides-2-5-as-us-inventories-build-weak-economic-data-weighs.md) | -3.3% | +0.2% |

## Sources

- reuters.com: https://www.reuters.com/article/business/stocks-crude-plunge-on-economic-data-oil-oversupply-idUSKCN21X000/

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