Today, the energy market is being excited. Oil quotes have changed direction after yesterday’s collapse, which have turned to be the biggest over the past month and a half.
At 8:20, Moscow time, April contracts for the European Brent crude oil increased 0.37% ($ 0.21) and cost $ 56.5 per barrel. We recall that yesterday, the asset fell 3.76% ($ 2.2) and closed the session at $ 56.3 per barrel.
At the same time, the American WTI crude oil also showed the growth; the increase totaled 0.19 US dollars or 0.37%. On the eve, the fall amounted to 1.95 US dollars or 3.65%.
The spread of the coronavirus epidemic outside of China has influenced the investors’ mood. Not long ago, experts assumed that the insidious virus would not break out of China. However, now their confidence has been shaken. This means that slowdowns in global economic activity can hardly be avoided.
At the moment, experts believe that the rampant epidemic has resulted in a decrease in oil demand in China by 4 million bps. This is approximately 4% of the global consumption of black gold.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group