# Oil falls amid Saudi Arabia-Russia price war, coronavirus hits demand

> Oil prices fell to their lowest levels in over 17 years as Saudi Arabia signaled no breakthrough in its price war with Russia. Coronavirus lockdowns grounded flights and reduced fuel demand. WTI briefly dipped below $20 and Brent hit $23.03 on the same day.

- Date: 2020-03-30 · published 2020-03-30T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/5322-oil-falls-amid-saudi-arabia-russia-price-war-coronavirus-hits-demand
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The supply dispute between Saudi Arabia and Russia combined with collapsing demand creates a double hit on crude prices. Lower energy prices reduce costs for feed transport and processing, though the economic slump may weigh on livestock demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-03-31 | 5 | -39.4% | -6.8 | Saudi-Russia price war with no breakthrough plus grounded flights pushed Brent to $23, combining supply glut and demand collapse. |
| BRENT | 2020-03-31 | 1 | -22.6% | -4.1 | No breakthrough in the Saudi-Russia price war plus grounded flights pushed prices to multi-year lows, supply and demand pressure feeding the March 31 drop. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-03-08 | [Oil price war between Saudi, Russia after failed OPEC deal](https://feedsoft.ai/events/54278-oil-price-war-between-saudi-russia-after-failed-opec-deal.md) | -23.0% | -31.2% |
| WTI | 2020-03-13 | [Crude posts biggest weekly losses since 2008, hit by coronavirus and Saudi price war](https://feedsoft.ai/events/4423-crude-posts-biggest-weekly-losses-since-2008-hit-by-coronavirus-and-saudi-price.md) | -20.3% | -27.5% |
| WTI | 2020-04-06 | [Oil falls after Saudi Arabia, Russia delay meeting, Cushing stockpiles soar \| Reuters](https://feedsoft.ai/events/53814-oil-falls-after-saudi-arabia-russia-delay-meeting-cushing-stockpiles-soar.md) | -21.1% | -13.4% |
| WTI | 2020-03-09 | [Oil crash: why Saudi Arabia has started a global crude price war](https://feedsoft.ai/events/54286-oil-crash-why-saudi-arabia-has-started-a-global-crude-price-war.md) | -23.0% | -31.2% |
| WTI | 2020-03-08 | [Oil prices crash by most since 1991 as Saudi Arabia launches price war \| CNN Business](https://feedsoft.ai/events/4426-oil-prices-crash-by-most-since-1991-as-saudi-arabia-launches-price-war-cnn.md) | -23.0% | -31.2% |
| BRENT | 2020-03-08 | [Oil price war between Saudi, Russia after failed OPEC deal](https://feedsoft.ai/events/54278-oil-price-war-between-saudi-russia-after-failed-opec-deal.md) | -27.3% | -36.6% |
| BRENT | 2020-03-13 | [Crude posts biggest weekly losses since 2008, hit by coronavirus and Saudi price war](https://feedsoft.ai/events/4423-crude-posts-biggest-weekly-losses-since-2008-hit-by-coronavirus-and-saudi-price.md) | -18.6% | -21.4% |
| BRENT | 2020-04-06 | [Oil falls after Saudi Arabia, Russia delay meeting, Cushing stockpiles soar \| Reuters](https://feedsoft.ai/events/53814-oil-falls-after-saudi-arabia-russia-delay-meeting-cushing-stockpiles-soar.md) | -12.0% | -18.2% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/03/30/oil-falls-amid-saudi-arabia-russia-price-war-coronavirus-hits-demand.html

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