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Oil price continues decreasing

Oil price continues decreasing
Oil price continues decreasing

A US Citigroup bank states that the oil price will drastically drop in the first quarter of 2020.

Analysts say the price will further lower by 22%.

The Citigroup bank says the price may drop to 47 USD that will be the lowest cost for two latest years.

The forecast is related to the Coronavirus outbreak as its impact is stronger in China than it was expected.

According to Bloomberg, the Brent oil price was 69 USD in the first quarter of 2019 while it equaled 54 USD in January 2020.

The demand for oil decreased by 20% due to the Coronavirus in China, Bloomberg says.

China represents the largest oil importer, consuming 14 million barrels of oil per day. The amount equals the oil consumed by France, Germany, Italy, Spain, the UK, Japan, and South Korea.

The oil price has dropped by 10% since January 20, 2020.

China observed the new Coronavirus outbreak in December 2019.

The World Health Organization declared the virus a global threat.

The virus has claimed 425 lives in China, leaving more than 20,000 infected.

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