Oil Prices Down for Fifth Straight Day

29 Février, 2020, 01:02 | Auteur: Auguste Feret
  • Oil steadies above $56 as supply constraints counter virus fears

The most active Brent crude contract for May was down $1.74, or 3.3 percent, at $49.99 a barrel, its lowest since July 2017. West Texas Intermediate (WTI) futures sank $one.64, or three.four%, to $47.09, right after hitting their most affordable since January 2019.

Though the number of diagnoses in China has been steadily declining, but for the first time on Wednesday, the number of new diagnoses outside of China surpassed that within China's borders, scaring health officials and traders, and raising questions about how the containment measures now in place, and whether more drastic measures may be needed.

Spread of the coronavirus darkened the outlook for world growth with infections and deaths rising outside China in countries such as South Korea, Italy, Iran, Canada and the US. But few industries have been hit harder than the oil market. According to CNBC, China - ground zero for the coronavirus outbreak - is the largest consumer of crude oil in the world. OPEC+ will meet in the Austrian capital Vienna on March 5-6 to discuss their strategy to balance prices and the possibility of further cuts.

Brent crude futures tumbled 2.34% to $52.18 a barrel.

Gasoline stockpiles dropped by 2.7 million barrels in the week to February 21 to 256.4 million, the Energy Information Administration (EIA) said on Wednesday, amid a decline in refinery throughput.

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Organizations in China have began to reopen as the variety of new instances on the mainland has waned.

He also said the spread of the virus in the United States was not "inevitable" and then went on to say: "It probably will, it possibly will". This offers a great opportunity for Indian refiners as certain grades of African and Latin American crude oil are available at deep discounts.

Global equities resumed their plunge, wiping out additional than $three trillion in value this week alone.

In crops, palm oil had its worst week in 11 years in Malaysia.Chicago wheat futures are headed for the worst weekly loss since March. The two spreads strike the widest levels given that January 2019, signaling erosion in need could guide to a glut as a result of the finish of this 12 months.

In terms of the proportion of China's trade in the calendar year 2019, CRISIL said in its report that China accounts for 25-30% for crude oil across globally and added that the virus outbreak is expected to keep the demand and freight rates low in the short term as fall in imports from China is expected.

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