Home
/
News
Oil Prices Slump 4% as Brent Crude and US Crude Settle at
$35.79 and $32.98 a Barrel Respectively
11 March
2020
Oil prices declined 4% on Wednesday trading session under weak stock
markets performance and following the World Health Organization
declaration of Coronavirus as a global pandemic disease and moreover the
declaration of major oil producers their intentions to erupt prices war.
Brent benchmark crude oil futures closed the trading session falling
$ 1.43 (3.8%) to record $ 35.79 per barrel on settlement.
US West Texas intermediate crude oil futures closed the session
falling $ 1.38 (4%) to close at $ 32.98 a barrel.
The high risk assets tumbled throughout Wednesday session, while
their losses accelerated in the late trading under the increase of
coronavirus infections and the curbs on travel by several countries.
OPEC and
US Energy Information Administration have
also downed their forecasts of the global demand on oil due to the
outbreak of coronavirus projecting that the first quarter 2020 would
witness a contraction in demand.