Following the February 27 trade results, the oil price has decreased at the leading London and New York oil exchanges.
Namely, the Brent oil price decreased to 52,18 (- 1.25) per barrel at the InterContinental Exchange Futures Europe in London, UK.
The Light Sweet oil price included 47,09 (- 1,64) per barrel at York Mercantile Exchange in New York, US.
After a small-term increase, oil prices started decreasing on February 24.
In January 2020, the oil price dropped by 10%.
The demand for oil decreased by 20% in China.
Due to the new Coronavirus outbreak, Iran, one of the largest oil producers and importers, is becoming insulated.
The Coronavirus was first detected in December 2019 in China.
The first case of the Coronavirus was confirmed in Georgia yesterday. A patient is a 50-year-old man who entered Georgia after visiting Iran.
Bela Gelashvili
News Author