# Oil Drops Below $50 for First Time Since December on Supply Glut - Bloomberg

> Oil fell below $50 for the first time since December as OPEC and its partners saw the post-deal rally fade. Rising US inventories drove the decline, and OPEC warned that the industry could 'kill' the market with another spending boom.

- Date: 2017-03-08 · published 2017-03-08T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/8362-oil-drops-below-50-for-first-time-since-december-on-supply-glut-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Persistent inventory builds point to a continuing global glut, which lowers crude and diesel costs and reduces pressure on biofuel and feed-input prices.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-03-09 | [WTI oil prices fall below $50 for first time since December](https://feedsoft.ai/events/8365-wti-oil-prices-fall-below-50-for-first-time-since-december.md) | -2.9% | +2.3% |
| WTI | 2022-08-03 | [Oil Falls Below $90 for First Time Since War as Demand Slows - Bloomberg](https://feedsoft.ai/events/12800-oil-falls-below-90-for-first-time-since-war-as-demand-slows-bloomberg.md) | -4.1% | -4.5% |
| WTI | 2025-12-11 | [IEA lowers 2026 oil glut forecast for first time since May \| Reuters](https://feedsoft.ai/events/21664-iea-lowers-2026-oil-glut-forecast-for-first-time-since-may-reuters.md) | -4.4% | +0.7% |
| WTI | 2017-03-09 | [Oil Drops to Lowest Since OPEC Deal, U.S. Crude Below $50/bbl \| Fox Business](https://feedsoft.ai/events/8367-oil-drops-to-lowest-since-opec-deal-u-s-crude-below-50-bbl-fox-business.md) | -2.9% | +2.3% |
| WTI | 2018-01-31 | [US oil production tops 10 million barrels a day for first time since 1970](https://feedsoft.ai/events/67157-us-oil-production-tops-10-million-barrels-a-day-for-first-time-since-1970.md) | -1.8% | -4.8% |
| BRENT | 2017-03-09 | [WTI oil prices fall below $50 for first time since December](https://feedsoft.ai/events/8365-wti-oil-prices-fall-below-50-for-first-time-since-december.md) | -3.7% | +1.3% |
| BRENT | 2025-12-11 | [IEA lowers 2026 oil glut forecast for first time since May \| Reuters](https://feedsoft.ai/events/21664-iea-lowers-2026-oil-glut-forecast-for-first-time-since-may-reuters.md) | -4.0% | +2.5% |
| BRENT | 2017-03-09 | [Oil Drops to Lowest Since OPEC Deal, U.S. Crude Below $50/bbl \| Fox Business](https://feedsoft.ai/events/8367-oil-drops-to-lowest-since-opec-deal-u-s-crude-below-50-bbl-fox-business.md) | -3.7% | +1.3% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2017-03-08/oil-holds-losses-near-50-as-u-s-stockpiles-expand-to-record

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