New Corona Virus Cases Prompt Further Fall in Global Oil Prices

Saturday, February 29, 2020
By Paul Martin

by Oleg Burunov

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.

Brent, the London-traded global benchmark for crude, has nosedived by 14%, its lowest since July 2017, closing at $50.52 a barrel earlier this week.

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.

The situation, however, changed after South Korea reported on Monday that it has registered 833 cases with seven people succumbing to the virus, becoming second hardest-hit country after China.

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