# Oil crashes as coronavirus strain threatens demand recovery | Oil and Gas News | Al Jazeera

> Oil prices fell more than 10% as a new coronavirus strain raised fears of renewed lockdowns and a slower demand recovery. WTI dropped below $70 a barrel and Brent slid below $75. The sell-off came days after a coordinated release of strategic crude stocks by major consumers.

- Date: 2021-11-26 · published 2021-11-26T12:00:00.000Z
- Category: disease · region Global · magnitude high
- Page: https://feedsoft.ai/events/4773-oil-crashes-as-coronavirus-strain-threatens-demand-recovery-oil-and-gas-news-al
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Concern that lockdowns will slow fuel demand, alongside OPEC+ deciding whether to add supply, points to lower crude prices.

## 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 | Attributes the over-10% drop to fears of renewed lockdowns and a slower demand recovery, with the earlier reserve release adding to the bearish backdrop. |
| BRENT | 2021-12-01 | 5 | -15.6% | -5.2 | Fears of renewed lockdowns and slower demand recovery sent Brent below $75, coinciding with the strategic reserve releases adding supply. |
| WTI | 2021-12-01 | 5 | -16.5% | -4.7 | Fears of renewed lockdowns and slower demand recovery, on top of reserve releases, drove the crash. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 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) | -6.1% | -5.3% |
| WTI | 2020-02-03 | [Oil hits 13-month lows as coronavirus cuts demand](https://feedsoft.ai/events/7406-oil-hits-13-month-lows-as-coronavirus-cuts-demand.md) | -2.4% | -9.3% |
| WTI | 2020-01-29 | [US Fed leaves rates unchanged; warns coronavirus could hurt US \| Al Jazeera Mirror](https://feedsoft.ai/events/54997-us-fed-leaves-rates-unchanged-warns-coronavirus-could-hurt-us-al-jazeera-mirror.md) | -7.1% | -8.8% |
| WTI | 2020-02-04 | [Coronavirus and oil: Why crude has been hit hard](https://feedsoft.ai/events/7408-coronavirus-and-oil-why-crude-has-been-hit-hard.md) | -1.0% | -5.7% |
| WTI | 2020-01-30 | [How coronavirus, climate change and OPEC will continue to move crude oil prices](https://feedsoft.ai/events/55264-how-coronavirus-climate-change-and-opec-will-continue-to-move-crude-oil-prices.md) | -4.6% | -11.6% |
| 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% |
| BRENT | 2020-02-03 | [Oil hits 13-month lows as coronavirus cuts demand](https://feedsoft.ai/events/7406-oil-hits-13-month-lows-as-coronavirus-cuts-demand.md) | -6.0% | -12.2% |
| BRENT | 2020-02-04 | [Coronavirus and oil: Why crude has been hit hard](https://feedsoft.ai/events/7408-coronavirus-and-oil-why-crude-has-been-hit-hard.md) | -1.6% | -3.7% |

## Sources

- aljazeera.com: https://www.aljazeera.com/economy/2021/11/26/oil-plunges-as-new-coronavirus-variant-fuels-worries

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