Oil prices are falling

On Monday, oil prices fall on information about detecting a new type of coronavirus in the UK, Interfax reports.

Experts fear that this will lead to new lockdowns and slow down economic recovery and oil demand.

On Sunday, the British authorities decided to impose the most stringent restrictive measures on the movement of residents of London and almost the entire southeast of England due to a new type of coronavirus infection. Some of the European countries have announced the restriction or termination of transport links with the UK.

According to MarketWatch data, prices for both Brent and WTI ended up rising for the seventh straight week, the longest period of continuous gains since October 2010.

The cost of February Brent oil futures on the London ICE Futures exchange on Monday is $50.68 per barrel, which is $1.58 (3.02%) below the price at the previous session's close. As a result of trading on Friday, these contracts rose by $0.76 (1.5%) to $52.26 per barrel, which is the maximum since February 26.

The price of WTI crude oil futures for January at electronic trading on the New York Mercantile Exchange (NYMEX) is $ 47.65 per barrel, which is $1.45 (2.95%) below the level of the previous trading. January contracts expire with the close of the market on Monday. On Friday, futures rose in price by $0.74 (1.5%) to $49.1 per barrel, the maximum since February 25.

The market has been supported in the past few weeks by news regarding vaccines against COVID-19 and expectations of the imminent adoption by the US authorities of a new anti-crisis package.

Tags: oil, USA, coronavirus, price, pandemic, economy, oil market, COVID‑19 vaccine

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