Oil continues depreciation

Oil continues depreciation
Oil continues depreciation

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.

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