# Oil falls more than 3%, on track for worst week since April

> Oil fell more than 3% on Oct 29, with Brent settling at $37.65 and WTI at $36.17 after both contracts dropped over 5% the previous day. The decline followed renewed COVID-19 lockdowns in France and Germany that threaten fuel demand.

- Date: 2020-10-29 · published 2020-10-29T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/50799-oil-falls-more-than-3-on-track-for-worst-week-since-april
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Lower crude prices weaken energy costs and feed-related input values, and lockdown-driven demand losses add downside pressure on energy-linked commodities. Feed buyers may see softer diesel and fertilizer costs over time.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-12-12 | [U.S. crude oil falls more than 3% on inflation worries](https://feedsoft.ai/events/32888-u-s-crude-oil-falls-more-than-3-on-inflation-worries.md) | +1.7% | +0.6% |
| WTI | 2022-10-14 | [Oil prices fall more than 3% on recession worries](https://feedsoft.ai/events/39282-oil-prices-fall-more-than-3-on-recession-worries.md) | -3.8% | -3.3% |
| WTI | 2020-03-18 | [Oil falls 24% in 3rd worst day on record, sinks to more than 18-year low](https://feedsoft.ai/events/7659-oil-falls-24-in-3rd-worst-day-on-record-sinks-to-more-than-18-year-low.md) | -18.5% | -26.1% |
| WTI | 2023-12-12 | [Oil falls more than 3% on softening demand, oversupply concerns \| Reuters](https://feedsoft.ai/events/32904-oil-falls-more-than-3-on-softening-demand-oversupply-concerns-reuters.md) | +1.7% | +0.6% |
| WTI | 2023-05-30 | [Canadian dollar dips as oil prices fall more than 4%](https://feedsoft.ai/events/36186-canadian-dollar-dips-as-oil-prices-fall-more-than-4.md) | -0.4% | -6.6% |
| BRENT | 2023-12-12 | [U.S. crude oil falls more than 3% on inflation worries](https://feedsoft.ai/events/32888-u-s-crude-oil-falls-more-than-3-on-inflation-worries.md) | +3.3% | +2.3% |
| BRENT | 2022-10-14 | [Oil prices fall more than 3% on recession worries](https://feedsoft.ai/events/39282-oil-prices-fall-more-than-3-on-recession-worries.md) | -3.1% | -1.0% |
| BRENT | 2020-03-18 | [Oil falls 24% in 3rd worst day on record, sinks to more than 18-year low](https://feedsoft.ai/events/7659-oil-falls-24-in-3rd-worst-day-on-record-sinks-to-more-than-18-year-low.md) | -9.0% | -17.4% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/10/29/oil-markets-coronavirus-us-output-hurricane-zeta.html

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