# Oil dives on fears of glut, global economic slowdown

> Oil prices tumbled after reports of swelling inventories and forecasts of record U.S. and Russian output. Both benchmarks had slid more than 30 percent since early October, and investor surveys showed expectations of weakening global growth.

- Date: 2018-12-18 · published 2018-12-18T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/8702-oil-dives-on-fears-of-glut-global-economic-slowdown
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Growing global inventories and rising supply signal a surplus that pushes crude prices lower. Weaker energy prices can also reduce biofuel margins and the value of oil-linked feed inputs.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2018-12-20 | 5 | -10.5% | -3.0 | Glut fears and global growth slowdown expectations fueled the Dec 18 selloff via supply and sentiment channels. |
| BRENT | 2018-12-24 | 5 | -12.6% | -3.8 | Dec 18 drop on glut fears and slowing global growth sentiment contributed to the weekly decline. |

## Sources

- business-standard.com: https://www.business-standard.com/article/reuters/oil-dives-on-fears-of-glut-global-economic-slowdown-118121801200_1.html

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