On Wednesday, oil prices continue to decline on fears that the spread of a new type of coronavirus and the restrictive measures introduced in this regard in Europe will further weaken the already low demand for oil, Interfax reports.
February futures for Brent fell in price on the London ICE Futures by $0.77 (1.54%) to $49.31 per barrel. Brent fell by $0.83 (1.6%) to $50.08 per barrel during the previous session.
February futures for WTI fell in price on the New York Mercantile Exchange (NYMEX) by $0.73 (1.55%), to $46.29 per barrel. On Tuesday, the contract fell by $0.95 (2%) to $47.02 per barrel.
A new strain of coronavirus, previously reported by the UK, has already been found in Germany, France and Switzerland, Bloomberg reported. More than 40 countries have suspended or restricted air traffic with Britain, effectively isolating the island.
Analysts say the current actions of states worldwide suggest there is a risk of new lockdowns and tourist restrictions next year, which will slow the recovery in oil demand.