Quotes are falling on fears of further worsening of the coronavirus situation in China and rising rates in the United States.
The benchmark oil price fell sharply on the last business day of the week. This was confirmed by the trading data on Friday, November 18.
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Thus, the futures price for Brent crude oil for January delivery on the London ICE Futures exchange fell by $3.73 (-4.15%) to $86.05 per barrel.
In turn, the futures price for WTI crude oil for December delivery on the New York Mercantile Exchange fell by $4.11 (-5.03%) to $77.53 per barrel.
According to Western news agencies, oil quotes are falling on fears of further worsening of the coronavirus situation in China and rising rates in the United States.
Earlier in the day, China reported a daily increase in the number of people infected with the coronavirus to 25,353 from 23,276 the previous day. Such an increase in incidence means that the epidemiological restrictions in the country will not be lifted. While many market participants are counting on this, as well as further growth in demand for gasoline in China.
Also on November 17, the head of the Federal Reserve Bank of St. Louis, James Ballard, that the US Federal Reserve needs to continue raising the base interest rate. Its size can reach 5-7% per year at its peak.
It was previously reported that the G7 countries and Australia have tentatively agreed to set a maximum fixed price for Russian oil by the end of November.
Meanwhile, Russia has increased its oil supplies to record highs in an attempt to make more money before the sanctions take full effect.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.