Oil prices decrease: Brent is trading at $74.63 per barrel

Prices for benchmark crude oil went down by about 1% during trading on Monday after rising following the results of the previous trading, Interfax reports.

The pressure on the quotations is exerted by concerns about the spread of coronavirus amid reports of an increase in the number of infections in China and several regions of Northeast Asia.

The price of Brent October futures amounted to $74.63 per barrel by 8:00 Kyiv time on Monday, which is $0.78 (1.03%) below the price at the close of the previous session on the London ICE Futures exchange. As a result of trading on Friday, the price increased by $0.31 (0.4%) up to $75.41 per barrel.

By this time, the price of September WTI futures to $73.28 per barrel, which is $0.67 (0.91%) below the final value of the previous session in electronic trading on the New York Mercantile Exchange (NYMEX) dropped. As a result of the previous trading, the value of these contracts increased by $0.33 (0.5%) up to $73.95 per barrel.

Over the past Sunday, the number of new cases of COVID-19 infection inside China, despite the measures of the authorities, increased by 55, the State Health Committee of the People's Republic of China said on Monday. According to him, 53 such cases were identified on Saturday.

“Especially worrisome for the oil markets is the increase in the number of infections in China. It is the second-largest oil consumer in the world, and so far, for several months, the country has managed to keep the COVID-19 situation under control,” said Vandana Hari, Chief Executive Officer of Vanda Insights.

Lockdowns have also been announced in Australia, Thailand and the Philippines.

Tags: oil, Asia, coronavirus, price, petroleum products, oil deliveries, pandemic, economy, oil market, China

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