Surge of Coronavirus in China Causes Oil Prices to Fall

0 28,257

Oil prices continue to fall as the coronavirus continues its comeback in China. The corona measures could weigh on the oil demand. China is the world’s largest importer of crude oil.

 

The price for US West Texas Intermediate oil fell to $96 a barrel after a limited price increase – the first in four days – on Friday.

In Shanghai, corona infections continue to increase, and it is unclear when the measures introduced against the virus will be lifted. The flare-up has led to disruptions in ports. More than 26,000 new infections were reported on Sunday.

Meanwhile, the oil price is almost back to the level it was before the Russian invasion of Ukraine at the end of February. Then, the war prompted the Americans and their allies to release strategic oil reserves to keep prices down.

Leave A Reply