Oil prices fall amid fears over China

Oil prices fell during trading today, Tuesday, amid fears of a decrease in demand for oil in China, as an increase in cases of coronavirus infection was recorded.

By 09:23 Moscow time, futures for US West Texas Intermediate oil fell 1.84% to $102.17 per barrel. Meanwhile, Brent futures fell 1.71% to $105.27 a barrel, according to Bloomberg.

Chinese authorities are seeing a rise in new coronavirus cases while taking measures to limit the spread of the infection, and more than 30 million Chinese have already been affected by travel restrictions, one way or another, according to Trading Economics.

Energy market participants fear that the outbreak of the new Corona virus will reduce fuel demand in the world’s largest importer of hydrocarbons, namely China.

Source: Interfax + Bloomberg

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