Sunday, May 22, 2022

Corona virus threatens fuel demand, pushes oil down 2 percent


Hailey Warner
Hailey isn't the biggest fan of Winter, but she's doing her best to embrace the cold weather and snow. You can find her trying out new recipes, playing squash or writing editorials.

Oil prices fell two percent Thursday, due to concerns that the spread of a virus that appeared in China may reduce demand for fuel if it harms economic growth, but losses came limited after a decline in US stocks of crude, and Brent crude futures fell 1.17 dollars, or 1.9 percent. To settle the price of the settlement at 62.04 dollars a barrel. The lowest session session was $ 61.25, the lowest since early December.

US West Texas Intermediate crude closed 1.15 dollars or two percent to 55.59 dollars a barrel, after earlier recording 54.77 dollars, its lowest price since November, and two Chinese cities were closed today with health authorities around the world making unremitting efforts to prevent a global pandemic. . The spread of the coronavirus has killed 18 people and infected about 630 others.

The prospect of a pandemic brought to mind the memories of severe acute respiratory syndrome that spread in 2002 and 2003 from China as well and affected global growth and travel.

“The market continues to decline under pressure from demand concerns and the upturn that followed OPEC production cuts,” said Jane McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut.

Read also: Coronavirus: Ten countries are already affected by epidemic

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