# 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.

- Date: 2020-02-24 · published 2020-02-24T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7115-oil-slides-into-bear-market-territory-posting-worst-day-in-more-than-a-month
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## 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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-02-28 | 5 | -13.0% | -4.1 | Feb 24 slide into bear market began the selloff as coronavirus cases outside China surged, a demand-driven sentiment shock. |
| BRENT | 2020-02-27 | 5 | -12.4% | -3.2 | On Feb 24 Brent fell 3.8% into bear market territory as virus cases outside China surged, starting the selloff within the window. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2020-03-18 | [Oil falls 24% in 3rd worst day on record, sinks to more than 18-year low](https://feedsoft.ai/events/7659-oil-falls-24-in-3rd-worst-day-on-record-sinks-to-more-than-18-year-low.md) | -18.5% | -26.1% |
| WTI | 2023-03-16 | [Oil slumps nearly 5% to lowest in more than a year as banking fears mount](https://feedsoft.ai/events/37047-oil-slumps-nearly-5-to-lowest-in-more-than-a-year-as-banking-fears-mount.md) | +4.9% | +21.8% |
| 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 | 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% |
| BRENT | 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) | -3.8% | -6.0% |
| BRENT | 2020-03-18 | [Oil falls 24% in 3rd worst day on record, sinks to more than 18-year low](https://feedsoft.ai/events/7659-oil-falls-24-in-3rd-worst-day-on-record-sinks-to-more-than-18-year-low.md) | -9.0% | -17.4% |
| BRENT | 2023-03-16 | [Oil slumps nearly 5% to lowest in more than a year as banking fears mount](https://feedsoft.ai/events/37047-oil-slumps-nearly-5-to-lowest-in-more-than-a-year-as-banking-fears-mount.md) | +3.2% | +16.6% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/02/24/oil-falls-more-than-4percent-sliding-into-bear-market-territory-as-coronavirus-sparks-demand-fears.html

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