# Oil prices plunge on coronavirus threats, OPEC’s pledge to add barrels

> Oil was the biggest loser in a broad market selloff as OPEC+ agreed to boost crude supply and a resurgent virus hurt confidence. Futures in New York lost as much as 8.3% intraday, the largest intraday drop since March.

- Date: 2021-07-19 · published 2021-07-19T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/6363-oil-prices-plunge-on-coronavirus-threats-opec-s-pledge-to-add-barrels
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Oversupply expectations and demand worries combined push crude lower, and the stronger dollar reduces support for dollar-priced commodities including grains.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2021-07-19 | 1 | -6.9% | -5.1 | Documents the July 19 plunge in a broad risk-off selloff, driven by OPEC+ supply additions and virus-related confidence loss. |
| WTI | 2021-07-19 | 5 | -10.4% | -3.2 | Oil led a broad risk-off selloff on the OPEC+ supply pledge and virus fears, with the largest intraday drop since March. |
| BRENT | 2021-07-18 | 1 | -3.4% | -3.9 | Oil led a broad market selloff on OPEC+ supply additions and the virus resurgence, with the largest intraday drop since March. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-08-01 | [Oil Prices Are Falling, but OPEC Plus Pledges to Pump More](https://feedsoft.ai/events/18252-oil-prices-are-falling-but-opec-plus-pledges-to-pump-more.md) | -7.5% | -1.7% |
| WTI | 2026-03-01 | [OPEC Plus to Boost Oil Production as Iran Strikes Threaten Price Spike - The New York Times](https://feedsoft.ai/events/20080-opec-plus-to-boost-oil-production-as-iran-strikes-threaten-price-spike-the-new.md) | +35.6% | +50.4% |
| 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 | 2023-12-01 | [Oil prices down 2% on U.S. rig count, underwhelming OPEC+ cuts](https://feedsoft.ai/events/32906-oil-prices-down-2-on-u-s-rig-count-underwhelming-opec-cuts.md) | -8.8% | -5.2% |
| WTI | 2019-03-01 | [Crude Oil Prices Fall On Trump's OPEC Tweet But U.S. Shale Boom Continues](https://feedsoft.ai/events/60777-crude-oil-prices-fall-on-trump-s-opec-tweet-but-u-s-shale-boom-continues.md) | -1.0% | +3.6% |
| BRENT | 2026-08-01 | [Oil Prices Are Falling, but OPEC Plus Pledges to Pump More](https://feedsoft.ai/events/18252-oil-prices-are-falling-but-opec-plus-pledges-to-pump-more.md) | -8.5% | -4.2% |
| BRENT | 2026-03-01 | [OPEC Plus to Boost Oil Production as Iran Strikes Threaten Price Spike - The New York Times](https://feedsoft.ai/events/20080-opec-plus-to-boost-oil-production-as-iran-strikes-threaten-price-spike-the-new.md) | +31.0% | +62.6% |
| 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% |

## Sources

- worldoil.com: https://www.worldoil.com/news/2021/7/19/oil-prices-plunge-on-coronavirus-threats-opec-s-pledge-to-add-barrels/

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