# Oil price drops amid fears over demand

> Brent crude dropped almost 7 percent to $65.11 a barrel, its lowest since March, and WTI fell over 7 percent to $55.69. OPEC cut its 2019 oil demand growth forecast by about 70,000 barrels a day, and Saudi Arabia said OPEC was considering supply cuts.

- Date: 2018-11-13 · published 2018-11-13T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7335-oil-price-drops-amid-fears-over-demand
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A lower OPEC demand forecast and possible production cuts create conflicting signals, but the immediate pressure is downward on crude and related energy-linked feedstock values.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2018-11-13 | 1 | -6.2% | -4.3 | Brent fell almost 7% to $65.11 on the day as OPEC cut its 2019 demand growth forecast and signaled possible supply cuts, directly describing the move through demand and sentiment channels. |
| BRENT | 2018-11-13 | 5 | -8.3% | -2.8 | Brent fell ~7% to its lowest since March as OPEC cut its 2019 demand growth forecast, combining demand worries with supply-cut uncertainty, directly on the end date of the move. |

## Sources

- bbc.com: https://www.bbc.com/news/business-46203175

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