# Oil plunges $5 in biggest one-day drop in more than a year

> Brent settled down $5.11, or 5.6%, to $85.81 on Wednesday, its biggest one-day drop since August 2022. WTI fell 5.6% to $84.22 after nearing $100 the prior week.

- Date: 2023-10-04 · published 2023-10-04T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7360-oil-plunges-5-in-biggest-one-day-drop-in-more-than-a-year
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Concerns over higher borrowing costs and slowing growth drove the sell-off, lowering energy prices and reducing support for biofuel-linked soybean oil and corn demand.

## Read by commodity

- SBO: bearish ▼
- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2023-10-05 | 5 | -9.6% | -2.8 | Brent's 5.6% one-day drop on Oct 4 was the largest part of the 5-day decline, driven by weak demand signals. |
| BRENT | 2023-10-04 | 1 | -4.9% | -3.6 | Documents the Oct 4 plunge (Brent -$5.11 to $85.81) and its magnitude, confirming the move, though it offers limited causal detail. |
| SBO | 2023-10-09 | 1 | -5.4% | -5.1 | The sharp crude oil selloff on Oct 4 weakened biofuel-linked demand sentiment for soybean oil, but the timing is earlier than the Oct 9 drop so it is a contributing background factor only. |

## 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 | 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 | 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 | 2020-02-24 | [Oil slides into bear market territory, posting worst day in more than a month](https://feedsoft.ai/events/7115-oil-slides-into-bear-market-territory-posting-worst-day-in-more-than-a-month.md) | -16.0% | -61.7% |
| 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% |
| 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 | 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% |
| 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% |

## Sources

- ft.com: https://www.ft.com/content/0a275aa9-14de-4a88-b6d0-25589efe07dd?syn-25a6b1a6=1

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