Oil becomes cheaper due to the spread of a new strain of coronavirus in the world

On Monday, oil prices of benchmark grades fell during trading on the news about the worldwide spread of a new strain of coronavirus identified earlier in the UK, Interfax-Ukraine reports.

The cost of February futures for Brent on the London ICE Futures exchange is $51.14 per barrel, which is $0.15 (0.29%) below the price at the previous session's close. As a result of trading on Thursday, these contracts rose by $0.09 (0.2%) up to $51.29 per barrel.

The price of February futures for WTI at electronic trading on the New York Mercantile Exchange (NYMEX) is $48.16 per barrel, which is $0.07 (0.15%) below the previous trading level. On Thursday, futures rose in price by $0.11 (0.2%) to $48.23 per barrel.

Last week, Brent crude fell 1.9%, WTI – 2.1%, according to FactSet. The weekly decline in oil prices was recorded for the first time since the week ended October 30.

Cases of infection with a new variety of coronavirus have been identified in several countries, including Canada, France, Japan and Norway, writes S&P Global Platts.

Beijing authorities have tightened quarantine measures amid fears that travel during the holidays could lead to an outbreak in the Chinese capital. In South Korea, social distancing measures were extended until January 3 amid daily increases in cases near record levels.

Tags: oil, oil production, coronavirus, price, petroleum products, quarantine, COVID‑19 vaccine

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