# Oil prices are on the brink of logging fastest slump to a bear market in about 4 years - MarketWatch

> Oil prices fell on Monday, with WTI for March delivery down 2.6% at $50.24 a barrel, more than 20% below its January 6 peak of $63.27. Futures were close to a bear-market settlement as concerns grew that the coronavirus could damage China's economy and spread globally.

- Date: 2020-02-03 · published 2020-02-03T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/7413-oil-prices-are-on-the-brink-of-logging-fastest-slump-to-a-bear-market-in-about
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Crude is on the verge of a bear market on demand fears linked to the coronavirus, which pressures diesel and biofuel-linked feed input costs lower. The move reflects a continuing market slide rather than a new supply event.

## 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 sliding toward a bear market on fears of coronavirus damage to China's economy and global spread. |
| BRENT | 2020-02-04 | 5 | -9.3% | -2.8 | Prices neared bear market on Feb 3 on fears of China economic damage, reflecting sentiment-driven selling. |

## Sources

- marketwatch.com: https://www.marketwatch.com/story/oil-on-the-brink-of-bear-market-as-coronavirus-fuels-demand-destruction-fears-2020-01-30

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