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Oil Decreases for 5th Session in Row, Hitting 13Month Low

Oil prices extend dropping for the fifth consecutive session on Thursday, reaching lows last time seen in January last year, as rising number of new coronavirus cases outside of China have heightened concerns about a slowdown in global economic growth and oil demand.

oil rates went down on thursdayPhoto: Flickr

Brent Futures lost 1.44 percent, to $52,03 per barrel, while WTI crude future contracts with delivery in April dipped by 1.52 percent, to 48,01 per barrel at 0812 GMT.

Over the past five days of trading, both benchmarks have fallen in price by about 11 percent, marking the sharpest 5-day decrease since August 2019.

The number of new coronavirus infections reported outside of China  for the first time exceeded the number of new cases within the China. The new outbreak epicenters are Iran and Italy.

U.S. President Donald Trump on Thursday expressed his confidence that the Covid-19 risks remain “very low.” 

Oil markets watch cuts in OPEC+ production in the framework of the next group meeting, which is scheduled for March 5-6.

Source: Reuters