The expected eased crisis between Russia and Ukraine might increase the global crude oil supply. Therefore, the international oil prices fell by more than 6% on March 15. The sharp decrease in oil prices was because investors believed Europe won't cut off Russia's oil supply in the short term.

Moreover, China's restrictions on people's movement as the outbreak intensifies may affect energy demand. The two major crude oil futures both fell into a bear market, just five trading days away from hitting a high since 2008.