# How coronavirus, climate change and OPEC will continue to move crude oil prices

> An analysis from Yahoo Finance cites three drivers of crude prices in 2020: the Wuhan coronavirus, OPEC+ output adjustments, and climate-related pressure on fossil fuels. It notes WTI had fallen about 15% year to date, and KPMG's Regina Mayor estimated virus-related demand destruction at 300,000 to 500,000 barrels per day.

- Date: 2020-01-30 · published 2020-01-30T12:00:00.000Z
- Category: disease · region Global · magnitude low
- Page: https://feedsoft.ai/events/55264-how-coronavirus-climate-change-and-opec-will-continue-to-move-crude-oil-prices
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The estimated demand loss is small relative to global consumption, so the price pressure may overstate the real effect. Energy-price swings still feed into biofuel and freight costs for feed buyers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2020-01-27 | [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 | 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 | 2020-01-29 | [US Fed leaves rates unchanged; warns coronavirus could hurt US \| Al Jazeera Mirror](https://feedsoft.ai/events/54997-us-fed-leaves-rates-unchanged-warns-coronavirus-could-hurt-us-al-jazeera-mirror.md) | -7.1% | -8.8% |
| 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% |
| 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% |

## Sources

- finance.yahoo.com: https://finance.yahoo.com/news/how-coronavirus-climate-change-and-opec-will-continue-to-move-crude-oil-prices-194730364.html

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