# Oil Crashes to 18-Year Low With Broken Market Drowning in Crude - Bloomberg

> Oil fell to an 18-year low as coronavirus lockdowns spread through major economies. Futures in London dropped about 9% and New York crude dipped below $20 before settling just above that level. Trump's call with Putin on energy market stability did little to halt the decline.

- Date: 2020-03-29 · published 2020-03-29T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/5324-oil-crashes-to-18-year-low-with-broken-market-drowning-in-crude-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A cratering demand outlook combined with a growing supply surplus pushes crude prices lower. Cheaper energy reduces costs across feed supply chains, but weaker economic activity could reduce demand for animal protein.

## 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 | Brent futures fell about 9% to an 18-year low as lockdowns spread and storage filled, with Trump-Putin call failing to support prices. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-02-26 | [Crude Sinks to Lowest in a Year as Coronavirus Panic Increases - Bloomberg](https://feedsoft.ai/events/7112-crude-sinks-to-lowest-in-a-year-as-coronavirus-panic-increases-bloomberg.md) | -5.2% | -55.9% |
| WTI | 2020-03-10 | [Fear in the Market Drives Dow and Crude Oil Lower, Drags Ag Markets Along \| Hoosier Ag Today](https://feedsoft.ai/events/11271-fear-in-the-market-drives-dow-and-crude-oil-lower-drags-ag-markets-along.md) | -7.1% | -15.8% |
| WTI | 2020-09-07 | [Brent Crude Tumbles Below $40 in Wake of Souring Demand Outlook - Bloomberg](https://feedsoft.ai/events/7473-brent-crude-tumbles-below-40-in-wake-of-souring-demand-outlook-bloomberg.md) | -6.2% | -1.4% |
| WTI | 2026-02-02 | [Metals, crude oil dive in broad commodities market tumble \| Reuters](https://feedsoft.ai/events/8795-metals-crude-oil-dive-in-broad-commodities-market-tumble-reuters.md) | -1.6% | +9.9% |
| 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% |
| BRENT | 2020-02-26 | [Crude Sinks to Lowest in a Year as Coronavirus Panic Increases - Bloomberg](https://feedsoft.ai/events/7112-crude-sinks-to-lowest-in-a-year-as-coronavirus-panic-increases-bloomberg.md) | -5.6% | -53.2% |
| BRENT | 2020-09-07 | [Brent Crude Tumbles Below $40 in Wake of Souring Demand Outlook - Bloomberg](https://feedsoft.ai/events/7473-brent-crude-tumbles-below-40-in-wake-of-souring-demand-outlook-bloomberg.md) | -6.1% | -7.7% |
| BRENT | 2026-02-02 | [Metals, crude oil dive in broad commodities market tumble \| Reuters](https://feedsoft.ai/events/8795-metals-crude-oil-dive-in-broad-commodities-market-tumble-reuters.md) | -3.1% | +0.6% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2020-03-29/oil-plummets-to-17-year-low-as-virus-threatens-demand-slump

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