empty
 
 

2020.02.2409:31:00UTC+00Oil Prices Plunge On Demand Worries

Oil prices fell more than three percent on Monday towards a one-week low amid renewed concerns about crude demand being pinched by the economic impact of the coronavirus.

Benchmark Brent crude slumped 3.6 percent to $55.87 a barrel, while U.S. crude futures were down 3.4 percent at $51.56.

The virus has now killed 2,592 people in China, which has reported 77,150 cases. The rapid spread of the deadly virus in several countries outside China left investors concerned about a hit to demand.

South Korea raised its coronavirus alert to the "highest level" for the first time in a decade, following a rapid spike in cases over the weekend. The total number of cases so far in the country total about 763.

Italy's sovereign bonds dropped as the country became Europe's epicenter for virus cases over the weekend.

Iran has confirmed 43 cases and eight deaths, with most of the infections in the Shi'ite Muslim holy city of Qom. Saudi Arabia, Kuwait, Iraq, Turkey and Afghanistan imposed travel and immigration restrictions on the Islamic Republic.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback