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Oil drops to annual lows

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Oil drops to annual lows
February 27
09:00 2020

On Thursday, oil continues to lose ground, after a day earlier it fell to its lowest levels in the past 13 months. The market is still affected by the concerns that coronavirus will cause a global economic downturn. And this will affect the global oil demand.

At 8 am Moscow time, April contracts for European Brent crude oil (traded on the London Stock Exchange) lost 75 cents and cost $ 52.65. At the last session, the quotes fell by more than $ 1.5, closing at $ 53.4.

At the same time, futures of the American WTI crude oil (traded on NYMEX) fell 70 cents to $ 48 per barrel. On Wednesday, the situation got worse. The price dropped by almost $ 1.2, closing at $ 48.7. This price became the lowest since January 7 of last year.

Experts express concern that just 400 people have been tested for coronavirus in the United States. In South Korea, for example, 35 thousand people were checked. Some doctors believe that in the United States an unexpected outbreak of the epidemic may start at any moment.

In America, there are rules that those who have recently traveled to China, people with respiratory symptoms, or those who have been in close contact with the infected people should be checked for the virus. However, it can be transmitted from person to person without any symptoms.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company
UFT Group

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