# Oil falls 24% in 3rd worst day on record, sinks to more than 18-year low

> WTI settled down 24.4% at $20.37 a barrel, its lowest since February 2002, and Brent fell 14.1% to about $24.67. The drop was driven by the coronavirus demand slump and the expected end of OPEC+ production cuts.

- Date: 2020-03-18 · published 2020-03-18T12:00:00.000Z
- Category: macro · region Global · magnitude high
- Page: https://feedsoft.ai/events/7659-oil-falls-24-in-3rd-worst-day-on-record-sinks-to-more-than-18-year-low
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected surplus supply and demand destruction point to sustained low crude prices, which lowers diesel costs but weakens the biofuel link that supports vegetable oil and corn demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-03-18 | 1 | -18.5% | -4.2 | Directly describes the March 18 crash (Brent -14%, WTI -24%) driven by the coronavirus demand slump and expected end of OPEC+ cuts. |
| WTI | 2020-03-18 | 5 | -30.6% | -6.5 | WTI fell 24.4% to $20.37 on March 18, the day that anchors the 5-day move, on the demand slump and the expected end of OPEC+ cuts. |
| BRENT | 2020-03-19 | 5 | -23.0% | -4.5 | Mar 18 crash with Brent down ~14% to ~$24.67 on demand slump and expected end of OPEC+ cuts falls inside the window and directly drives the 5-day drop. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-10-29 | [Oil falls more than 3%, on track for worst week since April](https://feedsoft.ai/events/50799-oil-falls-more-than-3-on-track-for-worst-week-since-april.md) | +4.6% | +22.3% |
| WTI | 2023-12-12 | [U.S. crude oil falls more than 3% on inflation worries](https://feedsoft.ai/events/32888-u-s-crude-oil-falls-more-than-3-on-inflation-worries.md) | +1.7% | +0.6% |
| WTI | 2022-10-14 | [Oil prices fall more than 3% on recession worries](https://feedsoft.ai/events/39282-oil-prices-fall-more-than-3-on-recession-worries.md) | -3.8% | -3.3% |
| WTI | 2023-10-04 | [Oil plunges $5 in biggest one-day drop in more than a year](https://feedsoft.ai/events/7360-oil-plunges-5-in-biggest-one-day-drop-in-more-than-a-year.md) | -3.7% | -8.8% |
| 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% |
| BRENT | 2020-10-29 | [Oil falls more than 3%, on track for worst week since April](https://feedsoft.ai/events/50799-oil-falls-more-than-3-on-track-for-worst-week-since-april.md) | +5.1% | +24.6% |
| BRENT | 2023-12-12 | [U.S. crude oil falls more than 3% on inflation worries](https://feedsoft.ai/events/32888-u-s-crude-oil-falls-more-than-3-on-inflation-worries.md) | +3.3% | +2.3% |
| BRENT | 2022-10-14 | [Oil prices fall more than 3% on recession worries](https://feedsoft.ai/events/39282-oil-prices-fall-more-than-3-on-recession-worries.md) | -3.1% | -1.0% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/03/18/oil-plummets-to-near-18-year-low-on-pace-for-worst-month-ever.html

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