Oil prices sink as nCoV contagion reaches greater scope

27.02.2020 - Petr Mazaylo
Oil prices sink as nCoV contagion reaches greater scope

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.



Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?