Oil prices fell on Tuesday, March 23 due to lower demand prospects, as Europe’s largest economy, Germany, announced a tightening of restrictions on Covid-19, while it found it difficult to provide smooth vaccination against the new coronavirus with other EU countries.
U.S. stock prices and most European stocks fell as new fears about the spread of Covid-19 overshadowed hopes of a rapid reopening of the U.S. economy.
German Chancellor Angela Merkel and the prime ministers of 16 federal states have agreed to extend the restrictions on Covid-19 until April 18, as well as tougher restrictions in the first five days of April to stop the rapid spread of the new coronavirus.
French President Emmanuel Macron, who has been criticized for the slow pace of vaccination, said France should be vaccinated “in the morning, in the middle of the day and in the evening”. France is facing a third wave of pandemics, but it is lagging behind many Western countries in terms of the number of people vaccinated.
“Oil has fallen today [cenā]”With growing concerns about demand in Europe, tighter national restrictions are likely to be an obstacle to their economic reopening,” he said. CMC Markets UK market analyst David Madden.
He noted that the price of crude oil rose to a 14-month high two weeks ago, as OPEC and its allies decided to maintain most of the production restrictions.
“Now it looks like several major economies in Europe will not see an economic recovery for a few more months, so market participants are selling off oil,” Madens said.
Stock prices of oil companies and airlines fell. If Covid-19 infections continue to rise in Europe, airlines could lose the important summer travel season.
US stock index Dow Jones Industrial Average On March 23, the index fell by 0.9% to 32,423.15 points Standard & Poor’s 500 fell 0.8% to 3910.52 points, while the index Nasdaq Composite decreased by 1.1% to 13,227.70 points.
The London Stock Exchange index FTSE 100 fell 0.4% to 6699.19 points on Tuesday, the Frankfurt stock exchange index DAX 30 rose less than 0.1% to 14,662.02 points, while the Paris stock exchange index CAC 40 fell 0.4% to 5945.30 points.
In the New York Stock Exchange e-commerce, the price of WTI crude fell by 6.8% on Tuesday to USD 57.36 per barrel. Brent The price of crude oil fell by 6.6% to $ 60.37 per barrel on the London Stock Exchange.
The euro depreciated against the US dollar from 1.1930 to 1.1847 dollars per euro on March 23, the British pound depreciated against the US dollar from 1.3862 to 1.3754 dollars per pound, and the US dollar against the Japanese yen fell from 108 .83 to 108.60 yen per dollar. The value of the euro against the British pound rose from 86.05 to 86.12 pence per euro.
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