◂ Event Timeline

Feb 24, 2020MACROGlobal

Oil slides into bear market territory, posting worst day in more than a month

Oil slid into bear market territory on Monday, with WTI settling at $51.43 after a 3.65% drop and Brent at $56.30 after falling 3.8%. Both benchmarks fell more than 5% at their session lows as coronavirus cases outside China surged.

WHY IT MATTERS

Worries that the outbreak will slow the global economy and reduce crude demand are pushing prices lower, which eases energy costs for feed production and transport.

AFFECTSCrude Oil (WTI)▼Crude Oil (Brent)▼

SOURCE
cnbc.comPippa StevensFeb 24, 2020

Price reaction & history

Crude Oil (WTI)▼bearishSO FAR1d -3.7%5d -16.0%20d -61.7%

After 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.

Oct 4, 2023Oil plunges $5 in biggest one-day drop in more than a year-3.7%
Mar 18, 2020Oil falls 24% in 3rd worst day on record, sinks to more than 18-year low-18.5%
Mar 16, 2023Oil slumps nearly 5% to lowest in more than a year as banking fears mount+4.9%
Feb 26, 2020Oil prices drop to lowest in more than a year as coronavirus spreads-5.2%
Dec 20, 2018Oil prices tumble to lowest in more than a year as equities sell off-6.7%

Crude Oil (Brent)▼bearishSO FAR1d -3.5%5d -13.0%20d -55.2%

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.

Oct 4, 2023Oil plunges $5 in biggest one-day drop in more than a year-3.8%
Mar 18, 2020Oil falls 24% in 3rd worst day on record, sinks to more than 18-year low-9.0%
Mar 16, 2023Oil slumps nearly 5% to lowest in more than a year as banking fears mount+3.2%
Feb 26, 2020Oil prices drop to lowest in more than a year as coronavirus spreads-5.6%
Dec 20, 2018Oil prices tumble to lowest in more than a year as equities sell off-8.1%

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.

Linked price moves

Crude Oil (Brent)-13.0%5 periods to Feb 28, 2020-4.1σ
Feb 24 slide into bear market began the selloff as coronavirus cases outside China surged, a demand-driven sentiment shock.
Crude Oil (Brent)-12.4%5 periods to Feb 27, 2020-3.2σ
On Feb 24 Brent fell 3.8% into bear market territory as virus cases outside China surged, starting the selloff within the window.

Crude Oil (WTI) WTI · GP ▸

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Crude Oil (Brent) BRENT · GP ▸

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