Under the January 31 trade results, the oil price has dropped at the London and New York oil leading exchanges.
The Brent oil price reached 58,15 (-0.13 USD) per barrel in London, at InterContinental Exchange Futures Europe.
The Light Sweet oil price reached 51.56 USD per barrel (- 0.58 USD) at York Mercantile Exchange, New York, USA.
Specialists say the oil price has dropped due to the Coronavirus outbreak.
In total, the oil price decreased by 10% in January.
The demand for oil has dropped by 10% in China, which suffers a Coronavirus outbreak since December 2019.
The World Health Organization has already declared Coronavirus as a global threat. The virus claimed 361 lives in China, while more than 17,200 remain infected.
A total of 475 patients fully recovered, while 2,300 remain in critical condition.
Bela Gelashvili
News Author