# Oil plunges 6 percent as economic slowdown fears grip market

> Oil prices plunged more than 6 percent to their lowest level in over a year as fears of an economic slowdown rattled markets. U.S. crude and Brent both hit their lowest levels since 2017 during the session and were on track for losses of about 40 percent in the fourth quarter.

- Date: 2018-12-24 · published 2018-12-24T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/8700-oil-plunges-6-percent-as-economic-slowdown-fears-grip-market
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expectations of weaker global growth reduce expected crude demand, which pressures energy prices. Lower crude also weakens the economics of biofuels that feed into corn and soybean oil demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2018-12-24 | 5 | -12.6% | -3.8 | Dec 24 plunge of over 6% on economic slowdown fears directly drove the final leg of the 5-day decline. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-12-20 | [Oil plunges nearly 5 percent to 17-month low as stock market slumps](https://feedsoft.ai/events/8704-oil-plunges-nearly-5-percent-to-17-month-low-as-stock-market-slumps.md) | -6.7% | +12.5% |
| WTI | 2022-10-31 | [Oil Futures Sell-Off as Evidence of Economic Slowdown Mount](https://feedsoft.ai/events/7920-oil-futures-sell-off-as-evidence-of-economic-slowdown-mount.md) | +5.4% | -12.2% |
| WTI | 2024-05-03 | [Oil Slumps as Macroeconomic Data Highlight Demand Slowdown](https://feedsoft.ai/events/7235-oil-slumps-as-macroeconomic-data-highlight-demand-slowdown.md) | +0.4% | -3.0% |
| WTI | 2020-03-11 | [Ag Markets Feel Pinch As Oil Prices Plunge - ProAg](https://feedsoft.ai/events/54223-ag-markets-feel-pinch-as-oil-prices-plunge-proag.md) | -21.7% | -31.5% |
| WTI | 2020-06-11 | [Oil drops more than 8% as fears over second wave of coronavirus cases hit the market](https://feedsoft.ai/events/52783-oil-drops-more-than-8-as-fears-over-second-wave-of-coronavirus-cases-hit-the.md) | -4.1% | +0.2% |
| BRENT | 2018-12-20 | [Oil plunges nearly 5 percent to 17-month low as stock market slumps](https://feedsoft.ai/events/8704-oil-plunges-nearly-5-percent-to-17-month-low-as-stock-market-slumps.md) | -8.1% | +10.6% |
| BRENT | 2022-10-31 | [Oil Futures Sell-Off as Evidence of Economic Slowdown Mount](https://feedsoft.ai/events/7920-oil-futures-sell-off-as-evidence-of-economic-slowdown-mount.md) | +4.0% | -12.3% |
| BRENT | 2020-04-21 | [Brent oil futures plunge as growing glut feeds market panic](https://feedsoft.ai/events/4477-brent-oil-futures-plunge-as-growing-glut-feeds-market-panic.md) | -17.3% | +61.6% |

## Sources

- reuters.com: https://www.reuters.com/article/us-global-oil/oil-plunges-6-percent-as-economic-slowdown-fears-grip-market-idUSKCN1ON01P/?feedName=businessNews&feedType=RSS

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