# U.S. oil drops 8% to below $70 amid OPEC production boost and Covid fears

> WTI crude settled 7.5% lower at $66.42 a barrel, its worst day since September 2020, after OPEC+ agreed to add 400,000 barrels per day monthly from August. Delta-driven Covid concerns also weighed, and Brent slipped 6.75%.

- Date: 2021-07-19 · published 2021-07-19T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/6358-u-s-oil-drops-8-to-below-70-amid-opec-production-boost-and-covid-fears
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

A monthly OPEC+ supply increase through September 2022 signals a larger future crude supply, pressuring energy prices and reducing the appeal of biofuel feedstocks.

## Read by commodity

- SBO: bearish ▼
- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2021-07-19 | 1 | -6.9% | -5.1 | Describes the July 19 selloff with Brent down 6.75%, driven by OPEC+ adding 400k bpd monthly from August (supply) and Covid concerns (demand). |
| WTI | 2021-07-19 | 5 | -10.4% | -3.2 | WTI settled 7.5% lower on July 19 after the OPEC+ supply boost and Delta-driven demand fears, which accounts for most of the 5-day decline. |
| BRENT | 2021-07-18 | 1 | -3.4% | -3.9 | WTI fell 7.5% and Brent 6.75% on the OPEC+ 400k bpd monthly supply addition plus Covid concerns, a supply-and-demand sentiment shock driving the move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-05-25 | [Russia and Opec agree to boost oil production – The Irish Times](https://feedsoft.ai/events/64939-russia-and-opec-agree-to-boost-oil-production-the-irish-times.md) | -7.0% | -2.7% |
| WTI | 2021-07-18 | [OPEC, allies agree to boost supply, gradually end oil production cuts](https://feedsoft.ai/events/45987-opec-allies-agree-to-boost-supply-gradually-end-oil-production-cuts.md) | +0.6% | -4.7% |
| WTI | 2026-07-06 | [OPEC Decides to Boost Production Further in August \| Rigzone](https://feedsoft.ai/events/18253-opec-decides-to-boost-production-further-in-august-rigzone.md) | +3.9% | +23.4% |
| WTI | 2025-06-01 | [OPEC+ to Increase Oil Production—Again](https://feedsoft.ai/events/24856-opec-to-increase-oil-production-again.md) | +6.2% | +7.6% |
| WTI | 2021-07-19 | [Oil piles on losses following OPEC+ deal to boost supply, rising COVID cases \| Reuters](https://feedsoft.ai/events/6357-oil-piles-on-losses-following-opec-deal-to-boost-supply-rising-covid-cases.md) | +0.6% | -4.7% |
| BRENT | 2018-05-25 | [Russia and Opec agree to boost oil production – The Irish Times](https://feedsoft.ai/events/64939-russia-and-opec-agree-to-boost-oil-production-the-irish-times.md) | -3.5% | -5.4% |
| BRENT | 2021-07-18 | [OPEC, allies agree to boost supply, gradually end oil production cuts](https://feedsoft.ai/events/45987-opec-allies-agree-to-boost-supply-gradually-end-oil-production-cuts.md) | +0.6% | -4.4% |
| BRENT | 2026-07-06 | [OPEC Decides to Boost Production Further in August \| Rigzone](https://feedsoft.ai/events/18253-opec-decides-to-boost-production-further-in-august-rigzone.md) | +7.0% | +33.1% |

## Sources

- cnbc.com: https://www.cnbc.com/2021/07/19/us-oil-drops-5percent-to-fall-below-70-amid-opec-production-boost-and-covid-fears.html

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