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Oil prices fell to their lowest in more than a year on Wednesday after hundreds of new coronavirus cases were reported in Europe and the Middle East. Traders worried that energy demand would decline as the virus spread further.
Fears of a demand slump from the spreading virus put downward pressure on crude, which can lower energy input costs and reduce biofuel margins that support vegetable oil and grain prices.
reuters.comLaila KearneyFeb 26, 2020After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
New virus cases in Europe and the Middle East pushed oil to a more-than-one-year low, raising fears of lower energy demand.
Prices hit a one-year low as new cases emerged in Europe and the Middle East, driving demand concerns.
