New Corona Virus Cases Prompt Further Fall in Global Oil Prices

On Monday, Brent crude was down $2.81, or 4.9 percent, at $55.13 per barrel amid reports of growing coronavirus cases in South Korea, which became the world’s second hardest-hit country besides China.

International oil prices have continued to nosedive over the past few days amid an increase in new cases of coronavirus outside China.

West Texas Intermediate, the New York-traded benchmark for US crude plunged 16%, standing at $44.76 per barrel on Friday.

Separately, shares of the US-based oil and gas company Exxon Mobil shrank to $49.82 on Thursday, while Chevron Corporation shares hit their lowest level in almost four years on Friday.

The developments were preceded on Monday by WTI falling by $2.47, or 4.6 percent, to $50.91 per barrel, while Brent fell by $2.81, or 4.9 percent, to $55.13 per barrel.

Brent oil had seen a 20 percent loss for the month before last week when prices rebounded as traders became upbeat that the coronavirus, which has killed more than 2,600 and infected 80,000 wouldn’t continue spreading outside China.

Experts identified the disease as a new coronavirus after Chinese authorities informed the World Health Organisation (WHO) about an outbreak of an unknown pneumonia in the city of Wuhan on 31 December 2019. Cases of infection outside China have been recorded in 51 countries, with the number of people infected reaching 4,691, with the death toll currently standing at 67.

Sourse: sputniknews.com