# Oil drops more than 8% as fears over second wave of coronavirus cases hit the market

> Oil fell more than 8% on Thursday as investors sold assets over fears of a second wave of coronavirus infections. WTI settled at $36.34 and Brent traded near $38.51 after a surprise build in U.S. inventories to a record 538.1 million barrels. The drop followed a rally of more than 50% in WTI over the prior month.

- Date: 2020-06-11 · published 2020-06-11T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/52783-oil-drops-more-than-8-as-fears-over-second-wave-of-coronavirus-cases-hit-the
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Weaker expected fuel demand and a broad risk-off move push energy prices lower, which can ease diesel and freight costs for feed supply chains. The stock build also suggests the demand recovery has stalled.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-02-26 | [Oil prices drop to lowest in more than a year as coronavirus spreads](https://feedsoft.ai/events/7110-oil-prices-drop-to-lowest-in-more-than-a-year-as-coronavirus-spreads.md) | -5.2% | -55.9% |
| WTI | 2020-01-27 | [Stocks and Oil Drop, Gold Rises As Wuhan Coronavirus Spreads - Markets Insider](https://feedsoft.ai/events/4514-stocks-and-oil-drop-gold-rises-as-wuhan-coronavirus-spreads-markets-insider.md) | -4.7% | -5.1% |
| WTI | 2020-02-27 | [Oil prices dive to lowest in over a year on coronavirus fears \| Reuters](https://feedsoft.ai/events/7109-oil-prices-dive-to-lowest-in-over-a-year-on-coronavirus-fears-reuters.md) | -3.9% | -55.0% |
| WTI | 2020-03-27 | [Oil drops as demand fears overshadow stimulus hopes](https://feedsoft.ai/events/5327-oil-drops-as-demand-fears-overshadow-stimulus-hopes.md) | +37.1% | -32.8% |
| WTI | 2020-01-29 | [Coronavirus could propel Bank of Canada to trim rates sooner than during SARS crisis - The Globe and Mail](https://feedsoft.ai/events/55305-coronavirus-could-propel-bank-of-canada-to-trim-rates-sooner-than-during-sars.md) | -7.1% | -8.8% |
| BRENT | 2020-02-26 | [Oil prices drop to lowest in more than a year as coronavirus spreads](https://feedsoft.ai/events/7110-oil-prices-drop-to-lowest-in-more-than-a-year-as-coronavirus-spreads.md) | -5.6% | -53.2% |
| BRENT | 2020-01-27 | [Stocks and Oil Drop, Gold Rises As Wuhan Coronavirus Spreads - Markets Insider](https://feedsoft.ai/events/4514-stocks-and-oil-drop-gold-rises-as-wuhan-coronavirus-spreads-markets-insider.md) | -3.4% | -2.4% |
| BRENT | 2020-02-27 | [Oil prices dive to lowest in over a year on coronavirus fears \| Reuters](https://feedsoft.ai/events/7109-oil-prices-dive-to-lowest-in-over-a-year-on-coronavirus-fears-reuters.md) | -5.0% | -51.1% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/06/11/oil-news-crude-wti-prices-today.html

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