# Oil Sinks to Three-Month Low as Asia Virus Spooks OPEC - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com

> Oil slid to a three-month low as concern that the coronavirus outbreak would cut demand prompted OPEC to consider an emergency meeting. Airlines suspended flights to China, and analysts cut forecasts for Chinese oil consumption, with jet fuel most affected. WTI fell to about $52.31 and Brent to about $58.59.

- Date: 2020-01-30 · published 2020-01-30T12:00:00.000Z
- Category: disease · region China · magnitude medium
- Page: https://feedsoft.ai/events/55263-oil-sinks-to-three-month-low-as-asia-virus-spooks-opec-energy-news-top
- 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

Demand destruction in China lowers energy prices and reduces the cost of diesel and biofuel inputs. A possible OPEC response could limit the downside for crude.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-01-27 | [Oil hits more than 3-month low on fears coronavirus will slow growth](https://feedsoft.ai/events/55262-oil-hits-more-than-3-month-low-on-fears-coronavirus-will-slow-growth.md) | -4.7% | -5.1% |
| 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 | 2020-01-23 | [Oil falls 3% as specter of China virus threatens fuel demand](https://feedsoft.ai/events/12377-oil-falls-3-as-specter-of-china-virus-threatens-fuel-demand.md) | -6.1% | -5.3% |
| WTI | 2021-11-26 | [Oil crashes as coronavirus strain threatens demand recovery \| Oil and Gas News \| Al Jazeera](https://feedsoft.ai/events/4773-oil-crashes-as-coronavirus-strain-threatens-demand-recovery-oil-and-gas-news-al.md) | -15.0% | -5.7% |
| 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% |
| BRENT | 2020-01-27 | [Oil hits more than 3-month low on fears coronavirus will slow growth](https://feedsoft.ai/events/55262-oil-hits-more-than-3-month-low-on-fears-coronavirus-will-slow-growth.md) | -3.4% | -2.4% |
| 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 | 2020-01-23 | [Oil falls 3% as specter of China virus threatens fuel demand](https://feedsoft.ai/events/12377-oil-falls-3-as-specter-of-china-virus-threatens-fuel-demand.md) | -4.8% | -5.2% |

## Sources

- energynow.com: https://energynow.com/2020/01/oil-sinks-to-three-month-low-as-asia-virus-spooks-opec/

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