# Crude Sinks to Lowest in a Year as Coronavirus Panic Increases - Bloomberg

> Crude futures fell 3.4% in New York on Thursday and were on track for their worst weekly loss since 2014 as coronavirus spread outside China. Prices sank as much as 10% since the previous Friday, driving the market into a sharp selloff.

- Date: 2020-02-26 · published 2020-02-26T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7112-crude-sinks-to-lowest-in-a-year-as-coronavirus-panic-increases-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A sustained risk-off move in crude driven by pandemic fears signals weaker expected global demand, which lowers energy costs and can reduce support for biofuel-linked feedstock 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 | Crude sank on coronavirus spread outside China, with the worst weekly loss since 2014 and a sharp selloff, capturing the sentiment and demand-driven mechanism. |
| BRENT | 2020-02-28 | 5 | -13.0% | -4.1 | Crude fell further as coronavirus spread outside China, heading for its worst weekly loss since 2014. |

## 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 | 2020-02-27 | [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 | 2020-03-29 | [Oil Crashes to 18-Year Low With Broken Market Drowning in Crude - Bloomberg](https://feedsoft.ai/events/5324-oil-crashes-to-18-year-low-with-broken-market-drowning-in-crude-bloomberg.md) | +64.1% | -28.3% |
| 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 | 2020-03-15 | [Oil Slumps to Lowest Since 2016 as Demand Collapse Triggers Rout - Bloomberg](https://feedsoft.ai/events/7657-oil-slumps-to-lowest-since-2016-as-demand-collapse-triggers-rout-bloomberg.md) | -35.6% | -29.5% |
| 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 | 2020-02-27 | [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 | 2020-03-29 | [Oil Crashes to 18-Year Low With Broken Market Drowning in Crude - Bloomberg](https://feedsoft.ai/events/5324-oil-crashes-to-18-year-low-with-broken-market-drowning-in-crude-bloomberg.md) | +21.9% | -26.3% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2020-02-26/oil-holds-near-13-month-low-as-global-virus-spread-accelerates

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