Oil prices fall amidst fears of coronavirus restrictions in China

abc.az

Oil prices are declining. By Monday evening’s trading, the quotations sank to 2.5 percent, before that the decline had reached 4 percent. For the first time in weeks, the Brent crude was trading at below US$69 per barrel, while the WTI was below US$67. Investors are already expressing their concerns. This, they say, threatens to weaken global demand for oil. The prices drop due to new restrictions and reduction of road and air traffic in China. Meanwhile, according to the results of the second quarter of the year, the eight oil giants saw a rise in revenues. The total profit of the sector’s largest companies amounted to US$45 billion.

 

Translation by Assem Zhanmukhanova

Editing by Galiya Khassenkhanova