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Oil Prices Fall 7% & Brent Crude
Settles at $ 33.22
13 March 2020
Bent Crude fell 7% on Thursday after the US
President Donald Trump imposed bans on travel from Europe to USA.
This step comes within the framework of US measures to combat the
coronavirus spread in the country and following the declaration of
coronavirus as a global pandemic disease by the World Health
Organization.
The flow of the cheap oil supply from Saudi
and UAE pushed for exacerbation of pressures on oil prices as GCC
producers are increase production amid prices war with Russia.
Brent crude fell by $ 2.57 (7.2%) to $ 33.22 a barrel, while US West
Texas intermediate crude fell by $ 1.48 (4.5%) to $ 31.50 a barrel.
In the meantime stock markets witnessed more declines where Dow
Jones approached a trend to its worst performance since the Black Monday
in 1987 and following Trump declaration bans on travel.
Although, oil prices trimmed part of the losses for a while after
the New York Federal Reserve Bank said it will buy more treasury notes
and will originate new repurchase transactions, but this recapture
vanished soon in the several markets.