# Oil prices drop to lowest in more than a year as coronavirus spreads

> 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.

- Date: 2020-02-26 · published 2020-02-26T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7110-oil-prices-drop-to-lowest-in-more-than-a-year-as-coronavirus-spreads
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## 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 | New virus cases in Europe and the Middle East pushed oil to a more-than-one-year low, raising fears of lower energy demand. |
| BRENT | 2020-02-28 | 5 | -13.0% | -4.1 | Prices hit a one-year low as new cases emerged in Europe and the Middle East, driving demand concerns. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-02-27 | [Oil prices dive to lowest in over a year on coronavirus fears \| Reuters](https://feedsoft.ai/events/7109-oil-prices-dive-to-lowest-in-over-a-year-on-coronavirus-fears-reuters.md) | -3.9% | -55.0% |
| WTI | 2018-12-20 | [Oil prices tumble to lowest in more than a year as equities sell off](https://feedsoft.ai/events/8517-oil-prices-tumble-to-lowest-in-more-than-a-year-as-equities-sell-off.md) | -6.7% | +12.5% |
| 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% |
| WTI | 2023-10-04 | [Oil plunges $5 in biggest one-day drop in more than a year](https://feedsoft.ai/events/7360-oil-plunges-5-in-biggest-one-day-drop-in-more-than-a-year.md) | -3.7% | -8.8% |
| WTI | 2020-01-27 | [Stocks and Oil Drop, Gold Rises As Wuhan Coronavirus Spreads - Markets Insider](https://feedsoft.ai/events/4514-stocks-and-oil-drop-gold-rises-as-wuhan-coronavirus-spreads-markets-insider.md) | -4.7% | -5.1% |
| BRENT | 2020-02-27 | [Oil prices dive to lowest in over a year on coronavirus fears \| Reuters](https://feedsoft.ai/events/7109-oil-prices-dive-to-lowest-in-over-a-year-on-coronavirus-fears-reuters.md) | -5.0% | -51.1% |
| BRENT | 2018-12-20 | [Oil prices tumble to lowest in more than a year as equities sell off](https://feedsoft.ai/events/8517-oil-prices-tumble-to-lowest-in-more-than-a-year-as-equities-sell-off.md) | -8.1% | +10.6% |
| BRENT | 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) | -5.6% | -53.2% |

## Sources

- reuters.com: https://www.reuters.com/article/us-global-oil/oil-prices-drop-to-lowest-in-more-than-a-year-as-coronavirus-spreads-idUSKCN20K08N/

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