# Oil hits more than 3-month low on fears coronavirus will slow growth

> Oil fell to its lowest level since October as fears of slower crude demand from the coronavirus outbreak pressed prices. WTI settled at $53.14 a barrel, and Brent fell to $59.16, with both benchmarks on a third straight weekly loss.

- Date: 2020-01-27 · published 2020-01-27T12:00:00.000Z
- Category: disease · region Global · magnitude medium
- Page: https://feedsoft.ai/events/55262-oil-hits-more-than-3-month-low-on-fears-coronavirus-will-slow-growth
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Lower crude prices weaken the energy complex and the cost of biofuel feedstocks, which can pressure soybean oil and corn ethanol demand. Continued demand-driven weakness would keep energy-linked feed input costs under pressure.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2020-01-27 | 5 | -9.3% | -2.8 | WTI settled at $53.14, a 3-month low, on coronavirus fears of weaker Chinese crude demand, directly describing the move in the window. |
| BRENT | 2020-01-27 | 5 | -9.0% | -2.9 | Brent fell to $59.16, a three-month low, on coronavirus demand fears on the end date of the window, directly reflecting the drop. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-02-03 | [Oil hits 13-month lows as coronavirus cuts demand](https://feedsoft.ai/events/7406-oil-hits-13-month-lows-as-coronavirus-cuts-demand.md) | -2.4% | -9.3% |
| WTI | 2020-01-30 | [How coronavirus, climate change and OPEC will continue to move crude oil prices](https://feedsoft.ai/events/55264-how-coronavirus-climate-change-and-opec-will-continue-to-move-crude-oil-prices.md) | -4.6% | -11.6% |
| WTI | 2020-02-04 | [Coronavirus and oil: Why crude has been hit hard](https://feedsoft.ai/events/7408-coronavirus-and-oil-why-crude-has-been-hit-hard.md) | -1.0% | -5.7% |
| WTI | 2020-01-28 | [Coronavirus Fears Prompt Flight to Safety in Commodity Markets - Caixin Global](https://feedsoft.ai/events/8057-coronavirus-fears-prompt-flight-to-safety-in-commodity-markets-caixin-global.md) | -5.7% | -6.2% |
| WTI | 2020-01-30 | [Oil Sinks to Three-Month Low as Asia Virus Spooks OPEC - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/55263-oil-sinks-to-three-month-low-as-asia-virus-spooks-opec-energy-news-top.md) | -4.6% | -11.6% |
| BRENT | 2020-02-03 | [Oil hits 13-month lows as coronavirus cuts demand](https://feedsoft.ai/events/7406-oil-hits-13-month-lows-as-coronavirus-cuts-demand.md) | -6.0% | -12.2% |
| BRENT | 2020-01-30 | [How coronavirus, climate change and OPEC will continue to move crude oil prices](https://feedsoft.ai/events/55264-how-coronavirus-climate-change-and-opec-will-continue-to-move-crude-oil-prices.md) | -7.2% | -9.1% |
| BRENT | 2020-02-04 | [Coronavirus and oil: Why crude has been hit hard](https://feedsoft.ai/events/7408-coronavirus-and-oil-why-crude-has-been-hit-hard.md) | -1.6% | -3.7% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/01/27/oil-tumbles-to-more-than-3-month-low-on-fears-coronavirus-will-slow-global-growth.html

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