# Price of oil dips below $50 for first time in more than a year | CBC News

> West Texas Intermediate crude briefly traded below $50 a barrel for the first time since January 2019, reaching $49.92. Traders reacted to the coronavirus outbreak, which led to more than 3,000 daily flight cancellations in and out of China and fears of broader economic damage.

- Date: 2020-02-03 · published 2020-02-03T12:00:00.000Z
- Category: disease · region China · magnitude medium
- Page: https://feedsoft.ai/events/7409-price-of-oil-dips-below-50-for-first-time-in-more-than-a-year-cbc-news
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Cancelled flights cut jet fuel demand, and fears of wider economic slowdown reduce expectations for energy consumption, pressuring crude and diesel prices. Lower energy prices also weigh on biofuel-linked feed inputs.

## Read by commodity

- WTI: bearish ▼
- DIESEL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-11-26 | [Oil price drops 10% in biggest one-day fall since early days of pandemic](https://feedsoft.ai/events/4772-oil-price-drops-10-in-biggest-one-day-fall-since-early-days-of-pandemic.md) | -15.0% | -5.7% |
| WTI | 2021-11-26 | [OIL FUTURES: Crude futures plunge by more than 10% on new COVID-19 variant concerns](https://feedsoft.ai/events/4771-oil-futures-crude-futures-plunge-by-more-than-10-on-new-covid-19-variant.md) | -15.0% | -5.7% |
| WTI | 2021-11-26 | [Oil drops 13% in worst day of 2021, breaks below $70 as new Covid variant sparks global demand concerns](https://feedsoft.ai/events/4770-oil-drops-13-in-worst-day-of-2021-breaks-below-70-as-new-covid-variant-sparks.md) | -15.0% | -5.7% |
| 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 | 2020-01-29 | [Outside news affects market price swing - Farm and Dairy](https://feedsoft.ai/events/55099-outside-news-affects-market-price-swing-farm-and-dairy.md) | -7.1% | -8.8% |
| DIESEL | 2021-11-26 | [OIL FUTURES: Crude futures plunge by more than 10% on new COVID-19 variant concerns](https://feedsoft.ai/events/4771-oil-futures-crude-futures-plunge-by-more-than-10-on-new-covid-19-variant.md) | -11.4% | -2.0% |
| DIESEL | 2020-02-17 | [Analyst reports little chance of a near-term recovery in diesel - FreightWaves](https://feedsoft.ai/events/9356-analyst-reports-little-chance-of-a-near-term-recovery-in-diesel-freightwaves.md) | -5.1% | -38.5% |
| DIESEL | 2020-01-27 | [Oil drops below $60 as China virus drives demand concern \| Fox Business](https://feedsoft.ai/events/54975-oil-drops-below-60-as-china-virus-drives-demand-concern-fox-business.md) | -6.3% | -6.8% |

## Sources

- cbc.ca: https://www.cbc.ca/news/business/oil-price-markets-monday-1.5450064

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