The oil price has increased at the leading London and New York oil exchanges.
The Brent oil price reached 55,28 (+1.32) USD per barrel at InterContinental Exchange Futures Europe, London.
The Light Sweet oil price reached 50,75 (+ 1,14) USD/barrel at York Mercantile Exchange in New York.
The oil price decreased by 10% in January 2020, while the demand for oil dropped by 20% in China.
Specialists say the Coronavirus outbreak in China causes oil price reduction.
The Coronavirus was detected in December 2019 in China. The virus has claimed 636 lives, while 31,161 people remain infected.