Stock market quotes, forex, financial news, forex tools – money-investing.com

Brent continues to fall because of coronavirus pandemic

 Breaking News
  • Boeing announced the start of massive layoffs The Boeing Company has no choice but to take drastic measures. The world’s largest manufacturer of space and aviation equipment is forced to reduce the number of staff by 13...
  • Serious drawdown of oil quotes Today, oil is actively declining. A very significant increase in the reserves of “black gold” in the United States caused this drop. Moreover, the fears that Russia will not reduce...
  • Swiss watch makers are in crisis Swiss watch exports in April crashed at a record pace the drop has totaled 81% compared with the same period last year. Halting production and difficulties with sales caused by...
  • The intensification of the conflict between the USA and China leads to reduction of oil prices The energy market has started the trading session rather unsuccessfully. The next round of the trade war between the States and China caused the price fall. Because of this investors...
  • Germany saves Lufthansa An air carrier Deutsche Lufthansa AG has suffered losses because of the spread of the coronavirus pandemic. It became known that the German government had not left the matter unattended...
Brent continues to fall because of coronavirus pandemic
March 12
13:00 2020

Radical measures taken around the world to protect against coronavirus have accelerated the fall in oil prices.

At 11:30 am, Moscow time, oil futures of the European Brent decreased 5.25% to a value of $ 33.91 per barrel. During yesterday’s trading session, the asset fell 3.84% and ended the day at around $ 35.79 per barrel.

At the same time futures of the American WTI lost 5.09and were trading at $ 31.3. The previous trading session was unsuccessful for the asset: the fall was 4.02%; the price at the close was $ 32.98 per barrel.

Yesterday was busy and challenging. The coronavirus epidemic received an official pandemic status; Italy imposed total quarantine, India suspended visa issuance.

The decision of the States has surprised everyone. President Trump doesn’t allow entering from Europe from March 13 to April 12.

The world is moving towards isolation; there is no point in talking about any forecasts regarding the energy market.

Demand is falling, but oil-producing countries are boosting production, which makes the prices to nosedive.

Saudi Aramco, Saudi Arabian state oil company, announced yesterday that it planned to increase its production capacity by a million barrels per day. What is more, there is the UAE state oil company, which has decided to increase production to 4 million b/d from the current 3 million b/d.

 

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

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment