# Why oil is still most important price in the world

> BBC business editor Simon Jack explains that oil prices are signalling a severe economic downturn tied to pandemic-driven demand destruction. He notes the negative WTI settlement was largely a technical result of contract expiry and a chronic lack of US storage.

- Date: 2020-04-22 · published 2020-04-22T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/53844-why-oil-is-still-most-important-price-in-the-world
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The explainer reinforces that weak oil demand reflects broader economic contraction, which lowers energy-linked costs and biofuel demand for feed ingredients. The price signal points to continued pressure on crude and related markets.

## Read by commodity

- WTI: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-11-18 | [The tumbling oil price is a warning of turbulent times in the world economy \| Global economy \| The Guardian](https://feedsoft.ai/events/10587-the-tumbling-oil-price-is-a-warning-of-turbulent-times-in-the-world-economy.md) | -8.8% | -11.8% |
| WTI | 2018-06-17 | [The Fed Is Driving Down Oil Prices \| OilPrice.com](https://feedsoft.ai/events/64443-the-fed-is-driving-down-oil-prices-oilprice-com.md) | +5.9% | +4.8% |
| WTI | 2018-12-24 | [Plunging oil prices show the market is worried about 2019 recession](https://feedsoft.ai/events/8701-plunging-oil-prices-show-the-market-is-worried-about-2019-recession.md) | -0.5% | +15.7% |
| WTI | 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) | -3.8% | -3.3% |
| WTI | 2017-07-21 | [Oil prices sink on a report OPEC supply will rise in July](https://feedsoft.ai/events/70144-oil-prices-sink-on-a-report-opec-supply-will-rise-in-july.md) | +4.9% | +0.7% |

## Sources

- bbc.com: https://www.bbc.com/news/business-52382552

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