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Oil Slumps Again on Back of Renewed Fears of Sluggish Demand

Oil rates dropped on Friday amid fresh worries over the fuel demand due to the aggressive spread of the coronavirus outside of China.

oil prices dipPhoto: Flickr

Brent futures with delivery in April climbed down by 1.52 percent, to $58,41 per barrel, while West Texas Intermediate light crude lost 1.39 percent, to reach $53,13 a barrel on Friday.

South Korea has recorded 52 new cases of coronavirus infection, according to the news agency Yonhap. In China, the number of new infections jumped again on Friday.

Russian Energy Minister Alexander Novak said on Thursday that there is a common understanding among global oil producers that there’s no reason now to make an OPEC + meeting earlier than originally planned - in early March, but refused to reveal the position that it will travel to Vienna to discuss the future pact.

Recall, the current terms of the pact, according to which the countries participating in the OPEC + Pact reduce production by 2.1 million barrels, are valid until the end of March.

Source: Reuters

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