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Oil Price Drops for the Fifth Week in A Row

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Oil prices remain under pressure due to the declining demand for the raw material due to concerns about the new coronavirus. The prices for oil are heading for a fifth weekly loss in a row.

 

By taking measures to contain the emerging virus, the Chinese economy is mainly flat. For example, many flights were cancelled and many factories closed.

The oil-producing countries of the oil cartel OPEC want to agree with additional production reductions with their allies to support prices. Reportedly, the Russian response to that request is still awaiting.

The lower performance of industries in different European countries also did not favour the outlook for oil prices.

Oil traders are also monitoring the situation in Libya, where warring parties are currently blocking oil exports.

The price of a barrel of American oil fell by 0.4 percent to $ 50.73 at the end of the morning on Friday. Brent oil cost 0.3 percent less at $ 54.78 per barrel.

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