# Oil sheds more than $1 as weakening demand outweighs stimulus hopes

> Oil fell more than $1 a barrel as virus-related travel restrictions slashed global fuel demand. The IEA head said worldwide oil demand could drop by up to 20 million barrels per day. WTI settled at $22.60 and Brent at $26.34, with both contracts down about 60% for the year.

- Date: 2020-03-26 · published 2020-03-26T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/5326-oil-sheds-more-than-1-as-weakening-demand-outweighs-stimulus-hopes
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The IEA's demand-loss estimate signals a deep and prolonged fuel demand shock that pushes crude prices lower. Lower energy costs ease feed transport and processing expenses, though broader economic weakness is a risk to 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 | Mar 26 fall on demand destruction (IEA 20 mb/d warning) sets the starting price level and sentiment for the window. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2024-05-20 | [Global oil markets weaken as sluggish demand leaves overhang](https://feedsoft.ai/events/30451-global-oil-markets-weaken-as-sluggish-demand-leaves-overhang.md) | -3.6% | -0.2% |
| 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 | 2020-03-29 | [OIL FUTURES: WTI tests $20/b as pandemic-weakened demand outlooks dim](https://feedsoft.ai/events/9204-oil-futures-wti-tests-20-b-as-pandemic-weakened-demand-outlooks-dim.md) | +64.1% | -28.3% |
| WTI | 2024-10-15 | [Oil plunges 4% as Iran supply disruption concerns ease, demand outlook weakens](https://feedsoft.ai/events/28029-oil-plunges-4-as-iran-supply-disruption-concerns-ease-demand-outlook-weakens.md) | -5.8% | -7.4% |
| BRENT | 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) | -1.2% | -25.9% |
| BRENT | 2024-05-20 | [Global oil markets weaken as sluggish demand leaves overhang](https://feedsoft.ai/events/30451-global-oil-markets-weaken-as-sluggish-demand-leaves-overhang.md) | -3.1% | +0.3% |
| BRENT | 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) | +3.3% | +2.3% |

## Sources

- reuters.com: https://www.reuters.com/article/us-global-oil/oil-prices-mixed-as-demand-shrinks-but-stimulus-hopes-support-idUSKBN21D03T/

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