# Oil extends decline as concerns over Covid-19 variant mount  | The National

> Oil prices extended their decline on Tuesday, with Brent falling about 9% and WTI about 10% from Friday's settlement. The selloff followed OPEC+ agreeing to resolve a weeks-long deadlock and add output, and it was driven by fears that rising Delta variant cases would bring lockdowns and weaker demand. Brent traded near $68.80 per barrel and WTI near $66.78.

- Date: 2021-07-20 · published 2021-07-20T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/6366-oil-extends-decline-as-concerns-over-covid-19-variant-mount-the-national
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Demand worries combined with an agreed OPEC+ supply increase push crude lower, which weakens energy costs and biofuel economics that support grain and oilseed demand. The price implication for feed buyers is softer energy-linked input costs and modest pressure on biofuel-driven vegetable oil and corn demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2021-07-19 | 5 | -10.4% | -3.2 | Describes the roughly 10% WTI decline from Friday's settlement, driven by the OPEC+ output increase and lockdown/demand fears. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-10-03 | [Oil drops for fourth consecutive day on macroeconomic concerns  \| The National](https://feedsoft.ai/events/7915-oil-drops-for-fourth-consecutive-day-on-macroeconomic-concerns-the-national.md) | -5.4% | -6.8% |
| WTI | 2017-05-06 | [Crude prices fall amid high inventories and concerns over China \| The National](https://feedsoft.ai/events/11195-crude-prices-fall-amid-high-inventories-and-concerns-over-china-the-national.md) | +3.5% | +2.5% |
| WTI | 2021-11-29 | [New COVID Variant Causes Oil To Plunge As Demand Picture Clouds](https://feedsoft.ai/events/7525-new-covid-variant-causes-oil-to-plunge-as-demand-picture-clouds.md) | -11.3% | +1.0% |
| WTI | 2021-11-30 | [Canadian dollar dips as Omicron variant concerns offset GDP gain - The Globe and Mail](https://feedsoft.ai/events/44264-canadian-dollar-dips-as-omicron-variant-concerns-offset-gdp-gain-the-globe-and.md) | -0.5% | +8.7% |
| WTI | 2022-11-18 | [Canadian dollar extends weekly decline as oil prices slide \| Financial Post](https://feedsoft.ai/events/38908-canadian-dollar-extends-weekly-decline-as-oil-prices-slide-financial-post.md) | -6.5% | -9.1% |
| BRENT | 2023-10-03 | [Oil drops for fourth consecutive day on macroeconomic concerns  \| The National](https://feedsoft.ai/events/7915-oil-drops-for-fourth-consecutive-day-on-macroeconomic-concerns-the-national.md) | -1.3% | -2.1% |
| BRENT | 2017-05-06 | [Crude prices fall amid high inventories and concerns over China \| The National](https://feedsoft.ai/events/11195-crude-prices-fall-amid-high-inventories-and-concerns-over-china-the-national.md) | +3.5% | +1.9% |
| BRENT | 2021-11-29 | [New COVID Variant Causes Oil To Plunge As Demand Picture Clouds](https://feedsoft.ai/events/7525-new-covid-variant-causes-oil-to-plunge-as-demand-picture-clouds.md) | -3.1% | +4.8% |

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/energy/2021/07/20/oil-extends-decline-as-concerns-over-covid-19-variant-and-excess-supply-mount/

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