# Oil Price Drop Triggers a ‘Herd Mentality’ of Selling

> Oil prices dropped after an Energy Department report showed US stockpiles rose by 8.2 million barrels in a week. Concern about a glut spread, and executives including Continental Resources' chief Harold Hamm added to the selling.

- Date: 2017-03-10 · published 2017-03-10T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/8363-oil-price-drop-triggers-a-herd-mentality-of-selling
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A large inventory surprise triggered herd selling, which signals downward price pressure on crude and related energy costs for feed producers.

## Read by commodity

- WTI: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-12-17 | [Average Price of Diesel Drops 4¢ to $3.121 a Gallon - TT](https://feedsoft.ai/events/61735-average-price-of-diesel-drops-4-to-3-121-a-gallon-tt.md) | -11.3% | +1.3% |
| WTI | 2020-09-03 | [What Explains The Sudden Drop In Oil Prices? \| OilPrice.com](https://feedsoft.ai/events/10229-what-explains-the-sudden-drop-in-oil-prices-oilprice-com.md) | -12.0% | -8.9% |
| WTI | 2019-06-03 | [Diesel Drops 1.5¢ to $3.136; Oil Close to Bear Market Price - TT](https://feedsoft.ai/events/10747-diesel-drops-1-5-to-3-136-oil-close-to-bear-market-price-tt.md) | +0.9% | +9.0% |
| WTI | 2023-02-01 | [Crude oil prices forecast to decline beginning in the second half of 2023](https://feedsoft.ai/events/37958-crude-oil-prices-forecast-to-decline-beginning-in-the-second-half-of-2023.md) | -2.2% | -1.7% |
| WTI | 2020-09-10 | [Oil prices dip as inventory builds](https://feedsoft.ai/events/10509-oil-prices-dip-as-inventory-builds.md) | +5.6% | +4.8% |

## Sources

- nytimes.com: https://www.nytimes.com/2017/03/10/business/energy-environment/oil-price-drop-opec.html

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