# Oil prices dive $2 on fears of Asian pandemic, possible U.S. rate hikes | Reuters

> Oil prices dropped over $2 a barrel to a three-week low on concerns that surging COVID-19 cases in Asia would reduce crude demand. Worries about possible Fed rate hikes slowing growth also weighed on prices.

- Date: 2021-05-19 · published 2021-05-19T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/47009-oil-prices-dive-2-on-fears-of-asian-pandemic-possible-u-s-rate-hikes-reuters
- 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

Lower crude prices reduce energy costs and weaken biofuel economics, pressuring soybean oil and vegetable oil prices. Demand concerns from Asia add downside risk to energy-linked commodities.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-06-23 | [Oil prices slump as investors fear Fed rate hikes will hurt demand \| Reuters](https://feedsoft.ai/events/41110-oil-prices-slump-as-investors-fear-fed-rate-hikes-will-hurt-demand-reuters.md) | +4.5% | -8.0% |
| WTI | 2023-03-17 | [Oil prices settle down, post big weekly losses on bank fears \| Reuters](https://feedsoft.ai/events/37045-oil-prices-settle-down-post-big-weekly-losses-on-bank-fears-reuters.md) | +2.4% | +21.0% |
| 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 | 2022-08-04 | [Oil prices hit lowest since Ukraine invasion amid recession fears \| Reuters](https://feedsoft.ai/events/12795-oil-prices-hit-lowest-since-ukraine-invasion-amid-recession-fears-reuters.md) | +1.5% | -2.7% |
| WTI | 2023-02-27 | [Oil futures slip 1% on worries about more U.S. interest rate hikes \| Reuters](https://feedsoft.ai/events/37486-oil-futures-slip-1-on-worries-about-more-u-s-interest-rate-hikes-reuters.md) | +4.5% | -9.2% |
| BRENT | 2022-06-23 | [Oil prices slump as investors fear Fed rate hikes will hurt demand \| Reuters](https://feedsoft.ai/events/41110-oil-prices-slump-as-investors-fear-fed-rate-hikes-will-hurt-demand-reuters.md) | +4.3% | -2.0% |
| BRENT | 2023-03-17 | [Oil prices settle down, post big weekly losses on bank fears \| Reuters](https://feedsoft.ai/events/37045-oil-prices-settle-down-post-big-weekly-losses-on-bank-fears-reuters.md) | +1.6% | +17.5% |
| 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% |

## Sources

- reuters.com: https://www.reuters.com/world/middle-east/oil-falls-concerns-iranian-supply-return-inflation-fears-2021-05-19/

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