# Oil Suffers Biggest Weekly Loss Since 1991 With Demand in Focus - Bloomberg

> Oil futures in New York fell 11% on Friday, extending the week's plunge to 29%, the largest weekly drop since January 1991. Traders saw demand shrinking sharply as travel was grounded, while Texas regulators were divided over a plan to curb output.

- Date: 2020-03-19 · published 2020-03-19T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/7660-oil-suffers-biggest-weekly-loss-since-1991-with-demand-in-focus-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Sharp weekly losses in crude reduce energy input costs but signal weak demand across fuels. Texas production curbs are a possible but uncertain support for prices.

## Read by commodity

- WTI: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2020-03-20 | 1 | -15.5% | -3.6 | Reports the WTI fall of about 11% on the Friday (20 March) session, extending a 29% weekly plunge on collapsing travel demand, which is the move in question. |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2020-03-19/oil-holds-firm-on-hopes-for-thaw-in-saudi-russia-price-war

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