Oil prices fall amid chaos due to coronavirus
US, WASHINGTON (ORDO NEWS) — Brent oil prices are falling on Monday as governments tightened restrictive measures in an attempt to halt the global spread of coronavirus.
The spread of infection has reduced the forecast for oil demand and threatens the world with a global economic recession.
Futures for Brent crude oil declined 2.74% to $ 26.24 per barrel against 9:34 Moscow time, while WTI rose 0.7% to $ 22.8 per barrel.
Oil prices have been falling for four consecutive weeks and have dropped by about 60% since the start of the year.
Coronavirus, with over 14,000 deaths worldwide, has disrupted business and tourism activities and has had a major impact on everyday life. Many oil companies were quick to cut costs, and some manufacturers had already begun to lay off employees.
The market had to face a double shock due to the drop in oil demand caused by the coronavirus pandemic, as well as the unexpected price war that unfolded between Russia and Saudi Arabia earlier this month.
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