Business Oil prices fall as fears in the face of...

Oil prices fall as fears in the face of rising injuries to the corona

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Oil prices fell, yesterday, Thursday, due to fears that increasing the number of new cases of infection with MERS-CoV in China and the United States may prove a greater demand for the fuel even with the easing of the isolation of the year.

Fell futures for Brent crude was up 22 cents, equivalent to 0.5% to 40.49 per barrel by 0623 GMT, after falling 25 cents in the previous session.

As the landed crude oil futures-West Texas Intermediate American 38 cents or 1 % registered 37.58 dollars a barrel, adding that a loss of 42 cents on Wednesday.

Dip raw standard two by about 2 % earlier in the meeting.

Stephen inns, expert markets as traders: “using the market in an attempt to balance optimism re-open economies and unknowns surrounding the uncertainties of economic situation and because of the wave of a secondary outbreak of the virus”.

Increased concerns about demand for fuel, after that the payment of the increase in the number of cases of Corona Beijing to cancel flights and close schools as record of the American States, many of them, including Texas, Florida, California, and a sharp increase in new cases of the disease.

Also pressuring crude inventories rose in the United States to a record level for the second week in a row on the morale, despite the fact that American government data showed gasoline inventories fell and distillate, which include diesel and heating oil.

Analysts say that while prices have declined, it is likely to remain in a range between $ 35 and 40 dollars, which had been trading at since the beginning of June with the commitment of a large degree of Organization of Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, including commitment to reducing the supply and reducing the shale oil producers American for their own production in conjunction with a gradual improvement in demand for fuel. Two sources said at the OPEC+ first Wednesday the group’s commitment to reduce production in May amounted to 87 %. But OPEC warned in a monthly report that the surplus in supply will remain in markets in the second half of 2020, despite the improved demand with the expectation that supply from outside the group will be higher than previously thought by about 300 thousand barrels per day.

  • The situation in Egypt

  • Injuries

    50,437

  • Come

    13,528

  • Mortality

    At 1,938

.

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