# Oil hits 13-month lows as coronavirus cuts demand

> Oil prices fell to their lowest level in more than a year as the coronavirus outbreak cut Chinese demand and raised fears of supply disruption. Crude settled down $2.17, or 3.8%, at $54.45 a barrel, its lowest since January of last year.

- Date: 2020-02-03 · published 2020-02-03T12:00:00.000Z
- Category: disease · region China · magnitude medium
- Page: https://feedsoft.ai/events/7406-oil-hits-13-month-lows-as-coronavirus-cuts-demand
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Lower crude prices weaken the energy complex and reduce input costs for diesel and biofuels, which can pull down soyoil and ethanol-linked feed co-products such as DDGS. The demand shock from China is the main bearish driver.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-02-03 | 1 | -6.5% | -4.3 | Same-day report of oil at 13-month lows as coronavirus cut Chinese crude demand, directly explaining the Brent drop on Feb 3. |
| BRENT | 2020-02-04 | 5 | -9.3% | -2.8 | Oil settled at 13-month lows on Feb 3 as coronavirus cut Chinese demand, a major leg of the 5-day decline. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-01-27 | [Oil hits more than 3-month low on fears coronavirus will slow growth](https://feedsoft.ai/events/55262-oil-hits-more-than-3-month-low-on-fears-coronavirus-will-slow-growth.md) | -4.7% | -5.1% |
| WTI | 2020-02-04 | [Coronavirus and oil: Why crude has been hit hard](https://feedsoft.ai/events/7408-coronavirus-and-oil-why-crude-has-been-hit-hard.md) | -1.0% | -5.7% |
| WTI | 2020-02-04 | [Oil extends decline as virus hits China demand \| Daily FT](https://feedsoft.ai/events/7410-oil-extends-decline-as-virus-hits-china-demand-daily-ft.md) | -1.0% | -5.7% |
| WTI | 2021-11-26 | [Oil crashes as coronavirus strain threatens demand recovery \| Oil and Gas News \| Al Jazeera](https://feedsoft.ai/events/4773-oil-crashes-as-coronavirus-strain-threatens-demand-recovery-oil-and-gas-news-al.md) | -15.0% | -5.7% |
| WTI | 2020-01-30 | [How coronavirus, climate change and OPEC will continue to move crude oil prices](https://feedsoft.ai/events/55264-how-coronavirus-climate-change-and-opec-will-continue-to-move-crude-oil-prices.md) | -4.6% | -11.6% |
| BRENT | 2020-01-27 | [Oil hits more than 3-month low on fears coronavirus will slow growth](https://feedsoft.ai/events/55262-oil-hits-more-than-3-month-low-on-fears-coronavirus-will-slow-growth.md) | -3.4% | -2.4% |
| BRENT | 2020-02-04 | [Coronavirus and oil: Why crude has been hit hard](https://feedsoft.ai/events/7408-coronavirus-and-oil-why-crude-has-been-hit-hard.md) | -1.6% | -3.7% |
| BRENT | 2020-02-04 | [Oil extends decline as virus hits China demand \| Daily FT](https://feedsoft.ai/events/7410-oil-extends-decline-as-virus-hits-china-demand-daily-ft.md) | -1.6% | -3.7% |

## Sources

- reuters.com: https://www.reuters.com/article/business/oil-hits-13-month-lows-as-coronavirus-cuts-demand-idUSKBN1ZX032/

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