# Citi Says Oil's Record Plunge Is a `Made in America' Phenomenon - Bloomberg

> Citigroup's head of commodities research attributed the collapse in crude since early October to the State Department's shifting stance on Iran sanctions, President Trump's tweets about OPEC supply, the trade war with China, and rapid growth in U.S. shale output. These factors are all cited as drivers of the price drop.

- Date: 2018-11-15 · published 2018-11-15T12:00:00.000Z
- Category: geopolitics · region US · magnitude medium
- Page: https://feedsoft.ai/events/6659-citi-says-oil-s-record-plunge-is-a-made-in-america-phenomenon-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Policy signals and shale supply growth point to a longer period of ample crude, which tends to weigh on energy input costs and biofuel-linked demand for feedstocks.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2018-11-27 | 5 | -9.9% | -3.0 | Citi attributes the crude collapse to Iran sanctions waivers, Trump's OPEC tweets, trade war and shale growth, which together weighed on supply/demand sentiment, though it describes the earlier slide rather than the final week. |
| BRENT | 2018-11-23 | 1 | -5.6% | -3.1 | Identifies drivers of the multi-week slump (softer Iran sanctions stance, shale growth, trade war, Trump tweets on OPEC) that sustained bearish positioning, though dated a week before the move. |
| BRENT | 2018-11-13 | 5 | -8.3% | -2.8 | Cites shifted Iran sanctions stance, Trump's OPEC tweets, trade war and US shale growth as causes, which broadly explain the decline but it is dated after the window and is retrospective. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-01-09 | [Oil Steadies Below $60 in Midst of U.S.-Iran Conflict - Bloomberg](https://feedsoft.ai/events/9661-oil-steadies-below-60-in-midst-of-u-s-iran-conflict-bloomberg.md) | -3.0% | -14.6% |
| WTI | 2024-05-02 | [Latest Oil Prices, Market News and Analysis for May 3 - Bloomberg](https://feedsoft.ai/events/7231-latest-oil-prices-market-news-and-analysis-for-may-3-bloomberg.md) | -0.1% | -1.9% |
| WTI | 2023-08-23 | [Latest Oil Prices, Market News and Analysis for August 23 - Bloomberg](https://feedsoft.ai/events/34758-latest-oil-prices-market-news-and-analysis-for-august-23-bloomberg.md) | +1.1% | +11.6% |
| WTI | 2022-04-25 | [China Lockdown Angst Rips Through Markets; CSI 300 Stocks, Yuan (CNY/USD) Plunge - Bloomberg](https://feedsoft.ai/events/7338-china-lockdown-angst-rips-through-markets-csi-300-stocks-yuan-cny-usd-plunge.md) | +2.0% | +10.0% |
| WTI | 2026-03-23 | [Brent Oil Futures Drop 14% After Trump Delays Strikes on Iran - Bloomberg](https://feedsoft.ai/events/8152-brent-oil-futures-drop-14-after-trump-delays-strikes-on-iran-bloomberg.md) | +2.2% | -8.1% |
| BRENT | 2020-01-09 | [Oil Steadies Below $60 in Midst of U.S.-Iran Conflict - Bloomberg](https://feedsoft.ai/events/9661-oil-steadies-below-60-in-midst-of-u-s-iran-conflict-bloomberg.md) | -4.1% | -16.6% |
| BRENT | 2023-08-23 | [Latest Oil Prices, Market News and Analysis for August 23 - Bloomberg](https://feedsoft.ai/events/34758-latest-oil-prices-market-news-and-analysis-for-august-23-bloomberg.md) | +1.9% | +12.9% |
| BRENT | 2022-04-25 | [China Lockdown Angst Rips Through Markets; CSI 300 Stocks, Yuan (CNY/USD) Plunge - Bloomberg](https://feedsoft.ai/events/7338-china-lockdown-angst-rips-through-markets-csi-300-stocks-yuan-cny-usd-plunge.md) | +2.8% | +6.8% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2018-11-15/citi-says-oil-s-record-plunge-is-a-made-in-america-phenomenon

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