New reports of the spread of coronavirus have increased pressure on oil prices. Quotes fell to lows since October.
a Barrel of Brent oil on the morning of 27 January is already cheaper than 60 dollars, but even just a couple of weeks ago, the quotes were above $ 70, recalls channel “Russia 24”. WTI is trading below $ 53 per barrel. Collapse causes the largest oil producing countries nervous.
At the weekend, Saudi Arabia has tried to calm market participants. The Minister of energy of the Kingdom, Abdulaziz bin Salman said that the country is closely monitoring the situation, but so far sees a limited impact of the virus on the global demand. Oralnie intervention are unable to support the market.
in addition, an additional blow to the market of hydrocarbons have caused Brazil. The country not only refused to join OPEC, but to participate in the agreement to limit the production, said the Minister of energy and mines, Benito the Past. Moreover, Brazil has a very different purpose — to increase production of oil and gas and to enter the top five world exporters of energy resources.