Oil is declining as the “Corona” cases rise in China

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Oil prices plunged during Friday’s trading, retreating from an 11-month high, which it reached last week.According to the “Russia Today” network, according to “Reuters” agency, oil prices are under pressure due to fears that the new restrictions imposed to combat the “Corona” pandemic in China will curb demand for fuel in the world’s largest importer of crude (China).

West Texas Intermediate crude futures fell 1.2% to $ 52.48 a barrel, by 07:40 GMT, after falling 18 cents on Thursday.Brent crude futures fell 1.03% to $ 55.52 a barrel, erasing a two-year gain it made on Thursday.

“In line with the more cautious atmosphere that the financial markets have shown today in Asia, the two decades have declined,” said Geoffrey Haley, chief market analyst at Onda, a brokerage firm.

Source: Russia Today





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