# Brent crude sinks below $30 a barrel as recession fears weigh

> Crude oil settled below $30 a barrel as the coronavirus pandemic slowed economic growth and reduced oil demand. Saudi Arabia and Russia continued their contest for market share.

- Date: 2020-03-17 · published 2020-03-17T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7658-brent-crude-sinks-below-30-a-barrel-as-recession-fears-weigh
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Weaker growth expectations and falling crude prices pressure energy-linked commodities and reduce diesel and freight costs for feed buyers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2020-03-17 | 1 | -13.2% | -3.8 | Directly describes crude settling below $30 on March 17 as pandemic recession fears cut demand while the Saudi-Russia market-share fight continued. |
| BRENT | 2020-03-19 | 5 | -23.0% | -4.5 | Brent sank below $30 on Mar 17 on recession fears and Saudi-Russia market-share contest, within the window. |
| WTI | 2020-03-18 | 5 | -30.6% | -6.5 | Crude settled below $30 on March 17 on recession fears and the Saudi-Russia market-share fight, which fed the weekly decline. |
| BRENT | 2020-03-18 | 1 | -18.5% | -4.2 | Brent settling below $30 on March 17 on recession fears and the Saudi-Russia market share fight set up the next-day extension of the selloff. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-07-05 | [Oil tumbles as much as 10%, breaks below $100 as recession fears mount](https://feedsoft.ai/events/11251-oil-tumbles-as-much-as-10-breaks-below-100-as-recession-fears-mount.md) | -4.9% | -11.7% |
| BRENT | 2020-04-27 | [U.S. oil plunges 25%, Brent falls below $20 a barrel \| Reuters](https://feedsoft.ai/events/53810-u-s-oil-plunges-25-brent-falls-below-20-a-barrel-reuters.md) | +19.9% | +86.8% |
| BRENT | 2022-07-06 | [Oil slides 2% to 12-week low on fears of global recession](https://feedsoft.ai/events/12613-oil-slides-2-to-12-week-low-on-fears-of-global-recession.md) | -3.2% | -2.9% |
| BRENT | 2024-09-18 | [Crude oil prices today: WTI, Brent lower as Fed cuts rates](https://feedsoft.ai/events/28216-crude-oil-prices-today-wti-brent-lower-as-fed-cuts-rates.md) | +1.5% | -0.2% |
| BRENT | 2022-07-12 | [Brent crude settles below $100/bbl on higher dollar, weak demand outlook](https://feedsoft.ai/events/40661-brent-crude-settles-below-100-bbl-on-higher-dollar-weak-demand-outlook.md) | +0.7% | -9.8% |
| WTI | 2018-12-24 | [US crude falls below $43 a barrel as stock market sinks](https://feedsoft.ai/events/8703-us-crude-falls-below-43-a-barrel-as-stock-market-sinks.md) | -0.5% | +15.7% |
| WTI | 2022-07-05 | [Oil tumbles as much as 10%, breaks below $100 as recession fears mount](https://feedsoft.ai/events/11251-oil-tumbles-as-much-as-10-breaks-below-100-as-recession-fears-mount.md) | -3.9% | -12.8% |
| WTI | 2022-07-05 | [U.S. oil just tumbled below $100 a barrel — What that says about recession fears and tight crude supplies - MarketWatch](https://feedsoft.ai/events/12615-u-s-oil-just-tumbled-below-100-a-barrel-what-that-says-about-recession-fears.md) | -3.9% | -12.8% |

## Sources

- reuters.com: https://www.reuters.com/article/us-global-oil/oil-prices-jumped-1-as-recent-sharp-falls-draw-investors-idUSKBN2140A2/

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