# Oil prices dive to lowest in over a year on coronavirus fears | Reuters

> Oil prices fell about 2.3% to settle near $52.18 a barrel, with the intraday low of $50.97 the lowest since December 2018. WTI futures dropped 3.4% to $47.09, their lowest level since January, amid coronavirus fears.

- Date: 2020-02-27 · published 2020-02-27T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7109-oil-prices-dive-to-lowest-in-over-a-year-on-coronavirus-fears-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expectations of weaker global fuel demand from the outbreak push crude lower, which tends to lower diesel and freight costs and weigh on biofuel-linked feedstock values.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-02-27 | 5 | -12.4% | -3.2 | Brent settled near $52.18 and hit its lowest since Dec 2018 on Feb 27 as coronavirus fears cut demand expectations, directly reflecting the end of the 5-day drop. |
| BRENT | 2020-02-28 | 5 | -13.0% | -4.1 | Brent settled near $52.18 and hit its lowest since Dec 2018 amid virus fears, adding to the weekly decline. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-02-26 | [Oil prices drop to lowest in more than a year as coronavirus spreads](https://feedsoft.ai/events/7110-oil-prices-drop-to-lowest-in-more-than-a-year-as-coronavirus-spreads.md) | -5.2% | -55.9% |
| WTI | 2020-03-30 | [Coronavirus: Oil price collapses to lowest level for 18 years - BBC News](https://feedsoft.ai/events/5323-coronavirus-oil-price-collapses-to-lowest-level-for-18-years-bbc-news.md) | +64.1% | -28.3% |
| WTI | 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) | +1.5% | -2.7% |
| WTI | 2020-03-09 | [Shares sunk by coronavirus panic, oil prices plunge \| Reuters](https://feedsoft.ai/events/4641-shares-sunk-by-coronavirus-panic-oil-prices-plunge-reuters.md) | -23.0% | -31.2% |
| WTI | 2020-02-26 | [Crude Sinks to Lowest in a Year as Coronavirus Panic Increases - Bloomberg](https://feedsoft.ai/events/7112-crude-sinks-to-lowest-in-a-year-as-coronavirus-panic-increases-bloomberg.md) | -5.2% | -55.9% |
| BRENT | 2020-02-26 | [Oil prices drop to lowest in more than a year as coronavirus spreads](https://feedsoft.ai/events/7110-oil-prices-drop-to-lowest-in-more-than-a-year-as-coronavirus-spreads.md) | -5.6% | -53.2% |
| BRENT | 2020-03-30 | [Coronavirus: Oil price collapses to lowest level for 18 years - BBC News](https://feedsoft.ai/events/5323-coronavirus-oil-price-collapses-to-lowest-level-for-18-years-bbc-news.md) | +21.9% | -26.3% |
| 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% |

## Sources

- reuters.com: https://www.reuters.com/article/us-global-oil-idUSKCN20L08P/

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