# Oil plunges deeper into bear market on coronavirus fallout | CNN Business

> Oil prices plunged deeper into a bear market on Wednesday as fears grew over the rapidly spreading coronavirus. Economists warned the outbreak could trigger a severe global slowdown or recession, including in the United States.

- Date: 2020-02-26 · published 2020-02-26T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/54751-oil-plunges-deeper-into-bear-market-on-coronavirus-fallout-cnn-business
- 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 lowers crude prices, which feeds into biofuel feedstock and feed-cost sentiment. Lower energy prices also weaken the value of biofuel-linked co-products.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-02-28 | 5 | -13.0% | -4.1 | Deeper bear market with recession warnings amplified the demand-destruction sentiment. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-08-20 | [Oil falls on OPEC+ oversupply, US jobless data - Markets - Business Recorder](https://feedsoft.ai/events/51783-oil-falls-on-opec-oversupply-us-jobless-data-markets-business-recorder.md) | +0.8% | -4.5% |
| 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 | 2021-05-19 | [US MIDDAY: Soyabean, wheat and corn plunge - Markets - Business Recorder](https://feedsoft.ai/events/12365-us-midday-soyabean-wheat-and-corn-plunge-markets-business-recorder.md) | +1.1% | +10.0% |
| WTI | 2020-03-09 | [Shares sunk by coronavirus panic, oil prices plunge \| Reuters](https://feedsoft.ai/events/4641-shares-sunk-by-coronavirus-panic-oil-prices-plunge-reuters.md) | -23.0% | -31.2% |
| WTI | 2020-06-11 | [Oil drops more than 8% as fears over second wave of coronavirus cases hit the market](https://feedsoft.ai/events/52783-oil-drops-more-than-8-as-fears-over-second-wave-of-coronavirus-cases-hit-the.md) | -4.1% | +0.2% |
| BRENT | 2020-08-20 | [Oil falls on OPEC+ oversupply, US jobless data - Markets - Business Recorder](https://feedsoft.ai/events/51783-oil-falls-on-opec-oversupply-us-jobless-data-markets-business-recorder.md) | +0.9% | -7.9% |
| 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% |
| BRENT | 2020-03-09 | [Shares sunk by coronavirus panic, oil prices plunge \| Reuters](https://feedsoft.ai/events/4641-shares-sunk-by-coronavirus-panic-oil-prices-plunge-reuters.md) | -27.3% | -36.6% |

## Sources

- cnn.com: https://www.cnn.com/2020/02/26/business/oil-prices-coronavirus-bear-market

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