# Oil falls nearly 3% as production comes back online

> Oil fell about 3% on Oct 12 after force majeure at Libya's largest oilfield was lifted, a Norwegian strike ended, and US producers restored output after Hurricane Delta. Brent fell to $41.64 and WTI to $39.43.

- Date: 2020-10-12 · published 2020-10-12T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/50803-oil-falls-nearly-3-as-production-comes-back-online
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Returning supply from Libya, Norway and the US Gulf adds to crude availability and pushes prices lower, which eases energy and diesel costs for feed operations.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2025-04-04 | [Oil falls to near 4-year low amid recession fears, OPEC+ production hikes](https://feedsoft.ai/events/7295-oil-falls-to-near-4-year-low-amid-recession-fears-opec-production-hikes.md) | -9.8% | -13.9% |
| BRENT | 2023-04-27 | [Oil market has absorbed surprise production cut by OPEC+](https://feedsoft.ai/events/36572-oil-market-has-absorbed-surprise-production-cut-by-opec.md) | -7.4% | -0.3% |
| 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 | 2021-07-16 | [Oil prices anticipate increase in production \| Reuters](https://feedsoft.ai/events/46225-oil-prices-anticipate-increase-in-production-reuters.md) | +0.0% | -3.3% |
| 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% |
| WTI | 2025-04-04 | [Oil falls to near 4-year low amid recession fears, OPEC+ production hikes](https://feedsoft.ai/events/7295-oil-falls-to-near-4-year-low-amid-recession-fears-opec-production-hikes.md) | -10.2% | -12.0% |
| WTI | 2021-12-15 | [Canadian dollar at nearly 3-month low as oil prices fall \| Reuters](https://feedsoft.ai/events/43853-canadian-dollar-at-nearly-3-month-low-as-oil-prices-fall-reuters.md) | +0.7% | +16.9% |
| WTI | 2021-04-21 | [Canadian dollar sees biggest drop in nearly 2 months as oil falls](https://feedsoft.ai/events/47853-canadian-dollar-sees-biggest-drop-in-nearly-2-months-as-oil-falls.md) | +0.7% | +4.7% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/10/12/oil-markets-hurricane-delta.html

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