New York Oil prices are falling sharply today as the rapid rise in coronavirus in Europe and the United States raises concerns about the outlook for fuel demand. Investors are now waiting for data on the development of oil in the US last week.
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Shortly after 6:00 p.m. SEL, North Sea Brent crude fell 4.4 percent to $ 40.56 a barrel. US light oil West Texas Intermediate (WTI) at the same time lost as much as five percent to $ 38.56 per barrel.
The US Oil Institute API in the evening will publish data on the development of oil reserves in the US last week, followed by the official first Energy Information (EIA) series on Wednesday. According to a Reuters survey, analysts predict that the number will increase by 1.4 million barrels.
The worldwide number of deaths with covid-19 has exceeded one million. The development around the coid pin a huge risk of falling oil prices, said analyst Craig Erlam of OANDA, according to Reuters.
Oil prices in dollars per barrel (about 159 liters):
| STORM | TYPE | CONTRACT | ACTUAL PRICE | PEDCHOZ ZVR |
|---|---|---|---|---|
| Londn – ICE | Brent | November | 40,56 | 42,43 |
| New York – NYMEX | WTI | November | 38,56 | 40,60 |
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