# The Commodities Feed: Markets stabilise after heavy selloff | articles | ING THINK

> Oil prices fell sharply on February 2 as concerns about US military action in Iran subsided and nuclear talks appeared close. The US and India also agreed a trade deal that lowers US tariffs on Indian goods and ends the extra tariff tied to Indian purchases of Russian oil. The analysts expect this to increase the volume of Russian crude available at sea.

- Date: 2026-02-03 · published 2026-02-03T12:00:00.000Z
- Category: trade · region India · magnitude medium
- Page: https://feedsoft.ai/events/8796-the-commodities-feed-markets-stabilise-after-heavy-selloff-articles-ing-think
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower tariffs and a possible drop in Indian purchases of discounted Russian crude could push more Russian oil into the market and widen the Urals discount. That would weigh on global crude prices and could eventually force Russian output cuts.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2026-02-02 | 1 | -6.3% | -3.7 | ING attributes the Feb 2 oil drop to fading fears of US military action in Iran, and the US-India deal could raise Russian crude supply at sea. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-08-05 | [Trade war fears send shudder through stock markets](https://feedsoft.ai/events/8382-trade-war-fears-send-shudder-through-stock-markets.md) | -5.8% | -1.3% |
| BRENT | 2020-03-19 | [Weekly Wheat Wonders: The Wheat Markets Cope With Chaos \| CZ app](https://feedsoft.ai/events/6111-weekly-wheat-wonders-the-wheat-markets-cope-with-chaos-cz-app.md) | +11.2% | -4.2% |
| BRENT | 2025-04-04 | [COMMODITIES Oil sinks to pandemic lows; metals, soybeans slump as China retaliates](https://feedsoft.ai/events/6317-commodities-oil-sinks-to-pandemic-lows-metals-soybeans-slump-as-china-retaliates.md) | -9.8% | -13.9% |
| BRENT | 2019-08-01 | [Stocks Sink After a New Tariff Threat From Trump](https://feedsoft.ai/events/8499-stocks-sink-after-a-new-tariff-threat-from-trump.md) | -13.9% | -6.4% |
| BRENT | 2019-05-24 | [MARKET WATCH: Oil prices tumble after US-China news \| Oil & Gas Journal](https://feedsoft.ai/events/9796-market-watch-oil-prices-tumble-after-us-china-news-oil-and-gas-journal.md) | -3.6% | -3.6% |
| WTI | 2019-08-05 | [Trade war fears send shudder through stock markets](https://feedsoft.ai/events/8382-trade-war-fears-send-shudder-through-stock-markets.md) | -2.2% | -1.1% |
| WTI | 2019-05-06 | [Trump's China Tweets Shatter Historic Calm in Global Markets \| Fortune](https://feedsoft.ai/events/10429-trump-s-china-tweets-shatter-historic-calm-in-global-markets-fortune.md) | -0.5% | -13.7% |
| WTI | 2020-03-19 | [Weekly Wheat Wonders: The Wheat Markets Cope With Chaos \| CZ app](https://feedsoft.ai/events/6111-weekly-wheat-wonders-the-wheat-markets-cope-with-chaos-cz-app.md) | +7.3% | -3.0% |

## Sources

- think.ing.com: https://think.ing.com/articles/the-commodities-feed-markets-stabilise-after-heavy-selloff030226/

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