# Oil Plunges in Worst Reaction to OPEC Since 2014 on Demand Woes - Bloomberg

> Oil futures closed down 4.8% in New York after OPEC agreed to extend production curbs, the worst reaction to an OPEC meeting since 2014. Bank of England Governor Mark Carney warned of rising protectionism and a widespread global slowdown, adding to worries after weak US, Chinese and European manufacturing data.

- Date: 2019-07-01 · published 2019-07-01T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/58299-oil-plunges-in-worst-reaction-to-opec-since-2014-on-demand-woes-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Weaker crude and energy-wide demand worries tend to lower diesel and biofuel margins, which can soften soybean oil, corn ethanol and DDGS values for feed buyers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-03-15 | [Oil Slumps to Lowest Since 2016 as Demand Collapse Triggers Rout - Bloomberg](https://feedsoft.ai/events/7657-oil-slumps-to-lowest-since-2016-as-demand-collapse-triggers-rout-bloomberg.md) | -35.6% | -29.5% |
| WTI | 2020-02-28 | [Palm oil heads for worst week in 11 years on demand destruction \| The Star](https://feedsoft.ai/events/5815-palm-oil-heads-for-worst-week-in-11-years-on-demand-destruction-the-star.md) | -2.6% | -61.0% |
| WTI | 2024-10-15 | [Oil plunges 4% as Iran supply disruption concerns ease, demand outlook weakens](https://feedsoft.ai/events/28029-oil-plunges-4-as-iran-supply-disruption-concerns-ease-demand-outlook-weakens.md) | -5.8% | -7.4% |
| WTI | 2020-03-18 | [Oil falls 24% in 3rd worst day on record, sinks to more than 18-year low](https://feedsoft.ai/events/7659-oil-falls-24-in-3rd-worst-day-on-record-sinks-to-more-than-18-year-low.md) | -18.5% | -26.1% |
| WTI | 2020-09-07 | [Brent Crude Tumbles Below $40 in Wake of Souring Demand Outlook - Bloomberg](https://feedsoft.ai/events/7473-brent-crude-tumbles-below-40-in-wake-of-souring-demand-outlook-bloomberg.md) | -6.2% | -1.4% |
| BRENT | 2020-03-15 | [Oil Slumps to Lowest Since 2016 as Demand Collapse Triggers Rout - Bloomberg](https://feedsoft.ai/events/7657-oil-slumps-to-lowest-since-2016-as-demand-collapse-triggers-rout-bloomberg.md) | -20.5% | -23.3% |
| BRENT | 2020-02-28 | [Palm oil heads for worst week in 11 years on demand destruction \| The Star](https://feedsoft.ai/events/5815-palm-oil-heads-for-worst-week-in-11-years-on-demand-destruction-the-star.md) | -3.0% | -52.3% |
| BRENT | 2024-10-15 | [Oil plunges 4% as Iran supply disruption concerns ease, demand outlook weakens](https://feedsoft.ai/events/28029-oil-plunges-4-as-iran-supply-disruption-concerns-ease-demand-outlook-weakens.md) | -5.4% | -7.6% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2019-07-01/oil-holds-firm-underpinned-by-opec-pact-on-production-cuts

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