# Oil settles down $10/bbl in largest daily drop since April 2020 | Reuters

> Oil prices plunged about $10 a barrel on November 26, 2021, their largest one-day drop since April 2020. The sell-off followed the WHO's designation of the new Omicron variant as a concern and travel restrictions in several countries.

- Date: 2021-11-26 · published 2021-11-26T12:00:00.000Z
- Category: disease · region Global · magnitude high
- Page: https://feedsoft.ai/events/4769-oil-settles-down-10-bbl-in-largest-daily-drop-since-april-2020-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Fears that the variant could curb travel and fuel demand, combined with a looming supply surplus, pressured crude prices sharply lower.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2021-11-26 | 1 | -11.8% | -8.6 | Reports the roughly $10/bbl one-day plunge, the largest since April 2020, driven by the WHO's Omicron designation and travel restrictions that threaten fuel demand. |
| BRENT | 2021-12-01 | 5 | -15.6% | -5.2 | Largest one-day oil drop since April 2020 after the WHO designated Omicron a variant of concern and travel curbs followed, a demand-sentiment shock inside the window. |
| WTI | 2021-12-01 | 5 | -16.5% | -4.7 | Largest daily drop since April 2020 after WHO designated Omicron a variant of concern and travel restrictions followed, hitting demand expectations. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-11-26 | [Oil price drops 10% in biggest one-day fall since early days of pandemic](https://feedsoft.ai/events/4772-oil-price-drops-10-in-biggest-one-day-fall-since-early-days-of-pandemic.md) | -15.0% | -5.7% |
| WTI | 2021-11-26 | [Oil drops 13% in worst day of 2021, breaks below $70 as new Covid variant sparks global demand concerns](https://feedsoft.ai/events/4770-oil-drops-13-in-worst-day-of-2021-breaks-below-70-as-new-covid-variant-sparks.md) | -15.0% | -5.7% |
| WTI | 2020-01-27 | [Oil drops below $60 as China virus drives demand concern \| Fox Business](https://feedsoft.ai/events/54975-oil-drops-below-60-as-china-virus-drives-demand-concern-fox-business.md) | -4.7% | -5.1% |
| WTI | 2020-01-28 | [Diesel Slump Turns Into a Rout as Virus Locks Down Cities - Bloomberg](https://feedsoft.ai/events/12371-diesel-slump-turns-into-a-rout-as-virus-locks-down-cities-bloomberg.md) | -5.7% | -6.2% |
| WTI | 2020-02-03 | [Price of oil dips below $50 for first time in more than a year \| CBC News](https://feedsoft.ai/events/7409-price-of-oil-dips-below-50-for-first-time-in-more-than-a-year-cbc-news.md) | -2.4% | -9.3% |
| BRENT | 2021-11-26 | [Oil price drops 10% in biggest one-day fall since early days of pandemic](https://feedsoft.ai/events/4772-oil-price-drops-10-in-biggest-one-day-fall-since-early-days-of-pandemic.md) | -14.7% | -6.8% |
| BRENT | 2021-11-26 | [Oil drops 13% in worst day of 2021, breaks below $70 as new Covid variant sparks global demand concerns](https://feedsoft.ai/events/4770-oil-drops-13-in-worst-day-of-2021-breaks-below-70-as-new-covid-variant-sparks.md) | -14.7% | -6.8% |
| BRENT | 2020-01-27 | [Oil drops below $60 as China virus drives demand concern \| Fox Business](https://feedsoft.ai/events/54975-oil-drops-below-60-as-china-virus-drives-demand-concern-fox-business.md) | -3.4% | -2.4% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-skids-concerns-rising-surplus-q1-2021-11-26/

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