# Oil prices post deepest weekly loss since October, yet banks remain bullish

> Oil headed for its biggest weekly slump since October after a sell-off tied to inflation concerns, a surge in Treasury yields that lifted the dollar, and softer near-term crude demand in Asia. Futures recovered only slightly on Friday after Thursday's 7.1% decline, though prices remained up more than 20% for the year.

- Date: 2021-03-19 · published 2021-03-19T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/6204-oil-prices-post-deepest-weekly-loss-since-october-yet-banks-remain-bullish
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Rising yields and a firmer dollar pressure commodity prices broadly, weakening the energy-linked cost outlook for feed. Banks still see the pullback as a buying opportunity, so the downside may be limited.

## Read by commodity

- DXY: bullish ▲
- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2021-03-18 | 1 | -8.3% | -5.4 | Attributes the selloff to inflation worries, higher Treasury yields lifting the dollar, and softer Asian demand; it was published after the move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-03-17 | [Oil prices settle down, post big weekly losses on bank fears \| Reuters](https://feedsoft.ai/events/37045-oil-prices-settle-down-post-big-weekly-losses-on-bank-fears-reuters.md) | +1.6% | +17.5% |
| BRENT | 2021-08-31 | [Oil prices near biggest monthly loss since October before OPEC meets](https://feedsoft.ai/events/45722-oil-prices-near-biggest-monthly-loss-since-october-before-opec-meets.md) | -0.4% | +8.7% |
| BRENT | 2022-07-08 | [Oil rises 2% but posts weekly loss on recession fears](https://feedsoft.ai/events/12617-oil-rises-2-but-posts-weekly-loss-on-recession-fears.md) | -5.1% | -11.8% |
| BRENT | 2024-05-03 | [Oil settles down on US jobs data, steepest weekly loss in 3 months \| Reuters](https://feedsoft.ai/events/7229-oil-settles-down-on-us-jobs-data-steepest-weekly-loss-in-3-months-reuters.md) | -0.8% | -4.4% |
| BRENT | 2022-08-04 | [Oil prices hit lowest since Ukraine invasion amid recession fears \| Reuters](https://feedsoft.ai/events/12795-oil-prices-hit-lowest-since-ukraine-invasion-amid-recession-fears-reuters.md) | +1.9% | -2.8% |
| WTI | 2023-03-17 | [Oil prices settle down, post big weekly losses on bank fears \| Reuters](https://feedsoft.ai/events/37045-oil-prices-settle-down-post-big-weekly-losses-on-bank-fears-reuters.md) | +2.4% | +21.0% |
| WTI | 2021-08-31 | [Oil prices near biggest monthly loss since October before OPEC meets](https://feedsoft.ai/events/45722-oil-prices-near-biggest-monthly-loss-since-october-before-opec-meets.md) | -1.2% | +8.9% |
| WTI | 2022-07-08 | [Oil rises 2% but posts weekly loss on recession fears](https://feedsoft.ai/events/12617-oil-rises-2-but-posts-weekly-loss-on-recession-fears.md) | -6.6% | -13.1% |

## Sources

- worldoil.com: https://www.worldoil.com/news/2021/3/19/oil-prices-post-deepest-weekly-loss-since-october-yet-banks-remain-bullish/

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