# Oil price drops 10% in biggest one-day fall since early days of pandemic

> Brent crude fell 10.7% to about $73.45 a barrel on Friday afternoon after European and Asian countries imposed immediate travel restrictions over a new Covid-19 variant. The drop was the largest one-day fall since the early days of the pandemic.

- Date: 2021-11-26 · published 2021-11-26T12:00:00.000Z
- Category: disease · region Global · magnitude high
- Page: https://feedsoft.ai/events/4772-oil-price-drops-10-in-biggest-one-day-fall-since-early-days-of-pandemic
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Travel restrictions reduce expected oil consumption, which pushes Brent and related energy 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 | Shows Brent down about 10.7% intraday after European and Asian travel restrictions, a direct demand-destruction mechanism. |
| BRENT | 2021-12-01 | 5 | -15.6% | -5.2 | Brent fell about 10.7% as travel restrictions raised expectations of lower fuel demand. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2021-11-26 | [Oil settles down $10/bbl in largest daily drop since April 2020 \| Reuters](https://feedsoft.ai/events/4769-oil-settles-down-10-bbl-in-largest-daily-drop-since-april-2020-reuters.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% |
| BRENT | 2021-12-20 | [Oil prices plunge as Omicron's rapid spread dims fuel demand outlook](https://feedsoft.ai/events/43756-oil-prices-plunge-as-omicron-s-rapid-spread-dims-fuel-demand-outlook.md) | +3.8% | +18.3% |
| BRENT | 2020-01-23 | [Oil falls 3% as specter of China virus threatens fuel demand](https://feedsoft.ai/events/12377-oil-falls-3-as-specter-of-china-virus-threatens-fuel-demand.md) | -4.8% | -5.2% |
| WTI | 2021-11-26 | [Oil settles down $10/bbl in largest daily drop since April 2020 \| Reuters](https://feedsoft.ai/events/4769-oil-settles-down-10-bbl-in-largest-daily-drop-since-april-2020-reuters.md) | -15.0% | -5.7% |
| 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% |
| 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% |

## Sources

- theguardian.com: https://www.theguardian.com/business/2021/nov/26/oil-prices-plunge-as-new-covid-variant-spooks-markets

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