# Oil drops 12% for worst day since November as wild ride triggered by Russia disruption continues

> WTI crude settled down about 12%, or $15, to $108.70 a barrel, its worst day since November 26. Brent fell about 13% to $111.1, its biggest one-day drop since April 2020. The moves came as Iraq signaled it could raise output and US officials said the UAE would back higher OPEC+ production, after Russia's invasion of Ukraine had pushed Brent to $139.

- Date: 2022-03-09 · published 2022-03-09T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/5777-oil-drops-12-for-worst-day-since-november-as-wild-ride-triggered-by-russia
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Expectations of more OPEC+ supply reduce the risk premium that had lifted diesel and fertilizer-linked input costs. Feed buyers should expect lower energy costs to ease pressure on feed-ingredient prices if the supply response holds.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2022-03-09 | 1 | -12.5% | -5.8 | Describes the drop as triggered by Iraq signaling higher output and US officials saying the UAE would back higher OPEC+ production, easing supply concerns after the spike. |
| BRENT | 2022-03-14 | 5 | -19.6% | -4.8 | Brent fell about 13% as Iraq and the UAE signaled higher output, easing supply fears after the spike to $139. |
| WTI | 2022-03-14 | 5 | -18.4% | -4.5 | WTI fell 12% to $108.70 as Iraq and the UAE signaled higher output, easing supply fears. |
| BRENT | 2022-03-15 | 5 | -21.1% | -5.6 | Iraq signaled higher output and the UAE backed OPEC+ increases, driving a 13% Brent drop from the $139 peak. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2025-10-05 | [Opec+ plus to raise oil production by 137,000 barrels a day in November](https://feedsoft.ai/events/22306-opec-plus-to-raise-oil-production-by-137-000-barrels-a-day-in-november.md) | -2.7% | -0.1% |
| BRENT | 2025-10-03 | [OPEC+ agrees to modest oil production increase for November](https://feedsoft.ai/events/22305-opec-agrees-to-modest-oil-production-increase-for-november.md) | +2.2% | +0.4% |
| BRENT | 2026-08-02 | [OPEC+ approves 188,000 bpd oil output hike for September amid supply disruptions, fully reverses 2023 output cuts \| Mint](https://feedsoft.ai/events/17822-opec-approves-188-000-bpd-oil-output-hike-for-september-amid-supply-disruptions.md) | -8.5% | -4.2% |
| BRENT | 2018-06-23 | [OPEC+ Agrees to Oil-Supply Boost in Victory for Saudis, Russia - Bloomberg](https://feedsoft.ai/events/64447-opec-agrees-to-oil-supply-boost-in-victory-for-saudis-russia-bloomberg.md) | +5.1% | -2.8% |
| BRENT | 2022-07-18 | [OPEC+ Agrees to 100,000 bpd Oil Production Increase for September](https://feedsoft.ai/events/40406-opec-agrees-to-100-000-bpd-oil-production-increase-for-september.md) | -1.5% | -5.3% |
| WTI | 2025-10-05 | [Opec+ plus to raise oil production by 137,000 barrels a day in November](https://feedsoft.ai/events/22306-opec-plus-to-raise-oil-production-by-137-000-barrels-a-day-in-november.md) | -3.1% | +0.2% |
| WTI | 2025-10-03 | [OPEC+ agrees to modest oil production increase for November](https://feedsoft.ai/events/22305-opec-agrees-to-modest-oil-production-increase-for-november.md) | +1.7% | +0.1% |
| WTI | 2026-08-02 | [OPEC+ approves 188,000 bpd oil output hike for September amid supply disruptions, fully reverses 2023 output cuts \| Mint](https://feedsoft.ai/events/17822-opec-approves-188-000-bpd-oil-output-hike-for-september-amid-supply-disruptions.md) | -7.5% | -1.7% |

## Sources

- cnbc.com: https://www.cnbc.com/2022/03/09/us-oil-prices-take-sudden-leg-downward-now-off-10percent-following-a-march-rally-to-13-year-highs.html

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