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Oil prices fall outside China - Printable Version +- Forums (http://contripeople.com) +-- Forum: General Discussion (http://contripeople.com/forumdisplay.php?fid=5) +--- Forum: Market Place (http://contripeople.com/forumdisplay.php?fid=77) +--- Thread: Oil prices fall outside China (/showthread.php?tid=29489)

Oil prices fall outside China - Edoman - 03-01-2020 Oil prices fall outside China March 1, 2020 [/url] [url=https://thenationonlineng.net/wp-content/uploads/2019/12/Oil-assemblant.jpg]   THE price of oil has dropped sharply as global demand weakens even further on account of the Coronavirus outbreak. Shares for oil giants like Exxon and Chevron have tumbled while smaller producers with idling rigs continue to slash jobs. Hundreds of new cases of the virus that causes the COVID-19 disease have been announced in nearly 60 countries the latest being  Mexico, Belarus, Lithuania, New Zealand, Nigeria, Azerbaijan, Iceland and the Netherlands. More than 85,000 people worldwide have contracted the illness, with deaths topping 2,900. Oil industry analysts fear that what they thought was a contained disruption may instead lead to more travel restrictions and even less oil consumed. Oil prices fell dramatically in mid-February, but had been steadily climbing back as the number of new cases of the virus in China slowed. In the last week, however, reports of the spreading virus knocked prices down. The benchmark for U.S. crude oil fell 16% during the week, settling Friday at $44.76 a barrel. Brent crude, the international standard, dropped 14% for the week to its lowest levels since July 2017, closing Friday at $50.52 a barrel. Meanwhile, shares of Exxon Mobil tumbled to $49.82 on Thursday, reaching a 15-year low, before rebounding more than 3% on Friday. Chevron Corp. shares hit their lowest level in nearly four years on Friday. Saudi Arabia is reported to be pushing for deep cuts in oil production to help stabilize prices in the face of falling demand. The Saudis are said to be proposing to bear much of the brunt of a cutback of one million barrels per day but want Russia and other big producers to join them. Representatives of OPEC and allies like Russia plan to meet later this week.