# Oil Drops to Lowest Since OPEC Deal, U.S. Crude Below $50/bbl | Fox Business

> Oil fell about 2 percent on Thursday to its lowest level since the OPEC-led production cut deal, with WTI closing below $50 for the first time since mid-December. Record US crude inventories of 528.4 million barrels raised doubts about the effectiveness of the deal, and speculative long positions were unwound.

- Date: 2017-03-09 · published 2017-03-09T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/8367-oil-drops-to-lowest-since-opec-deal-u-s-crude-below-50-bbl-fox-business
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Record US stocks and unwinding of bullish bets point to continued pressure on crude, which lowers energy input costs for feed manufacturers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-08-03 | [Oil Plunges to Lowest Since February as US Gasoline Demand Drops](https://feedsoft.ai/events/12802-oil-plunges-to-lowest-since-february-as-us-gasoline-demand-drops.md) | -4.1% | -4.5% |
| WTI | 2019-05-30 | [Oil falls to 2-month lows on small US crude stock draw, trade war worries \| Fox Business](https://feedsoft.ai/events/9889-oil-falls-to-2-month-lows-on-small-us-crude-stock-draw-trade-war-worries-fox.md) | -12.3% | +0.7% |
| WTI | 2017-03-08 | [Oil Drops Below $50 for First Time Since December on Supply Glut - Bloomberg](https://feedsoft.ai/events/8362-oil-drops-below-50-for-first-time-since-december-on-supply-glut-bloomberg.md) | -10.3% | -3.5% |
| WTI | 2018-09-23 | [OPEC raises U.S. oil supply outlook, sees lower demand for own crude](https://feedsoft.ai/events/62935-opec-raises-u-s-oil-supply-outlook-sees-lower-demand-for-own-crude.md) | +3.4% | -2.3% |
| 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% |
| BRENT | 2019-05-30 | [Oil falls to 2-month lows on small US crude stock draw, trade war worries \| Fox Business](https://feedsoft.ai/events/9889-oil-falls-to-2-month-lows-on-small-us-crude-stock-draw-trade-war-worries-fox.md) | -12.4% | -4.8% |
| BRENT | 2017-03-08 | [Oil Drops Below $50 for First Time Since December on Supply Glut - Bloomberg](https://feedsoft.ai/events/8362-oil-drops-below-50-for-first-time-since-december-on-supply-glut-bloomberg.md) | -9.1% | -3.0% |
| BRENT | 2018-09-23 | [OPEC raises U.S. oil supply outlook, sees lower demand for own crude](https://feedsoft.ai/events/62935-opec-raises-u-s-oil-supply-outlook-sees-lower-demand-for-own-crude.md) | +4.9% | +1.6% |

## Sources

- foxbusiness.com: https://www.foxbusiness.com/markets/oil-drops-to-lowest-since-opec-deal-u-s-crude-below-50-bbl

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