# Shares sunk by coronavirus panic, oil prices plunge | Reuters

> Asian shares fell on March 9, 2020 as investors fled to bonds over the economic shock of the coronavirus. Oil plunged more than 20% after Saudi Arabia cut its official selling prices and signaled plans to raise output following the collapse of the OPEC+ supply cut deal with Russia. Brent fell to about $35.88 a barrel and U.S. crude to about $32.51.

- Date: 2020-03-09 · published 2020-03-09T12:00:00.000Z
- Category: macro · region Global · magnitude high
- Page: https://feedsoft.ai/events/4641-shares-sunk-by-coronavirus-panic-oil-prices-plunge-reuters
- 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

Lower crude prices weaken the energy-wide cost base and the link to biofuel and diesel demand, which can pressure soybean oil, corn and other biofuel-linked feed inputs. Cheaper diesel and freight also lower feed transport costs for buyers.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-03-09 | 1 | -22.5% | -10.0 | Reports the March 9 plunge of over 20% from Saudi price cuts and planned output increases after the OPEC+ deal collapsed, amplified by coronavirus risk-off sentiment. |
| BRENT | 2020-03-09 | 5 | -30.3% | -10.0 | Oil plunged over 20% on March 9 after Saudi Arabia cut selling prices and signaled higher output following the OPEC+ collapse, with Brent near $35.88. |
| BRENT | 2020-03-12 | 5 | -39.5% | -12.1 | Oil fell more than 20% on Saudi price cuts and planned output increases after the OPEC+ deal collapsed, with coronavirus-driven risk-off sentiment amplifying the drop. |
| DIESEL | 2020-03-08 | 1 | -8.4% | -4.1 | Reports of the March 9 oil plunge of over 20% after Saudi price cuts reflect the same shock and show how it fed through to petroleum products, though the event is dated just after the move window. |
| BRENT | 2020-03-08 | 1 | -12.9% | -5.7 | It links the oil plunge to Saudi price cuts and planned output increases after the OPEC+ collapse, with coronavirus risk-off adding to the selling. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-02-27 | [Oil prices dive to lowest in over a year on coronavirus fears \| Reuters](https://feedsoft.ai/events/7109-oil-prices-dive-to-lowest-in-over-a-year-on-coronavirus-fears-reuters.md) | -3.9% | -55.0% |
| WTI | 2020-09-25 | [Oil prices down for the week on new coronavirus concerns](https://feedsoft.ai/events/51290-oil-prices-down-for-the-week-on-new-coronavirus-concerns.md) | -4.0% | +0.9% |
| WTI | 2023-05-18 | [Oil prices settle down 1%; strong US data boosts dollar \| Reuters](https://feedsoft.ai/events/36137-oil-prices-settle-down-1-strong-us-data-boosts-dollar-reuters.md) | +2.1% | -3.0% |
| WTI | 2021-04-21 | [Oil prices drop as India’s COVID-19 surge dents demand outlook \| Reuters](https://feedsoft.ai/events/47759-oil-prices-drop-as-india-s-covid-19-surge-dents-demand-outlook-reuters.md) | +0.7% | +4.7% |
| WTI | 2020-03-23 | [From Asia to the U.S., fuel prices pummeled by coronavirus fallout](https://feedsoft.ai/events/54329-from-asia-to-the-u-s-fuel-prices-pummeled-by-coronavirus-fallout.md) | -15.4% | -54.6% |
| BRENT | 2020-02-27 | [Oil prices dive to lowest in over a year on coronavirus fears \| Reuters](https://feedsoft.ai/events/7109-oil-prices-dive-to-lowest-in-over-a-year-on-coronavirus-fears-reuters.md) | -5.0% | -51.1% |
| BRENT | 2020-09-25 | [Oil prices down for the week on new coronavirus concerns](https://feedsoft.ai/events/51290-oil-prices-down-for-the-week-on-new-coronavirus-concerns.md) | -3.0% | +0.7% |
| BRENT | 2023-05-18 | [Oil prices settle down 1%; strong US data boosts dollar \| Reuters](https://feedsoft.ai/events/36137-oil-prices-settle-down-1-strong-us-data-boosts-dollar-reuters.md) | +1.6% | -1.6% |

## Sources

- reuters.com: https://www.reuters.com/article/business/shares-sunk-by-coronavirus-panic-oil-prices-plunge-idUSL4N2B209O/

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