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TOKYO- Oil prices hit a five-day low on Thursday, its lowest performance since January 2019. Such inactivity was brought by increasing rate of coronavirus diagnosis outside China which intensified investors’ fears that the contagion will drag and lower demand for oil.
Brent crude LCOc1 inched down 77 cents, equivalent to 1.4%, and last stood at $52.66 per barrel at exactly 0204 GMT. The contract previously recorded its worst drop since Jan. 4, 2019. On the other hand, the West Texas Intermediate (WTI) futures CLc1 lost 80 cents, equivalent to 1.6%, currently quoted at $47.93 per barrel. The contract sunk to its lowest since Jan. 2, 2019.
Wednesday reports have it that the novel coronavirus cases outside China had surpassed the diagnosis recorded in the country, the origin of the virus. Disturbingly, Italy and Iran’s confirmed cases validated that both countries are the new epicenters of the fast-spreading disease.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Spain’s unemployment rose to 15.33% for the second quarter of 2020, according to Tuesday’s data from the National Statistics Institute amid the worsening COVID-19 situation in the country. The unemployment rate surged past the ...
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