Quotes of oil continue to decline on Monday, may futures on Brent fell by 9.5% — to $of 30.64 per barrel.
Prices are falling on concerns about reduced demand for oil due to pandemic coronavirus, reports Interfax.
The April futures for WTI by this time was dropping in electronic trading on the new York Mercantile exchange (NYMEX) $2.1 (6,62%) to $29,63 per barrel.
“Oil prices are still in freefall,” said Bloomberg, Commerzbank analysts.
World oil demand in 2020 can demonstrate the largest in the history of the decline against the background of unprecedented measures taken in many countries to combat the spread of coronavirus, says the Agency. At the same time, the largest oil producers plan to increase production after the collapse of the deal, OPEC+.
Many traders, executives and analysts fear that oil demand in 2019, on average amounting to 100 million barrels per day (b/d), show the maximum fall this year, which in its scale will surpass the decline in demand of 1 million b/d during the recession in 2009 and even a drop of 2.65 million barrels per day, recorded in 1980, when the world economy collapsed after the second oil crisis.
The restriction of travel was reinforced over the weekend. The President of the United States Donald trump decided to expand the list of European countries subject to travel restrictions due to the spread of the coronavirus COVID-19, including the UK and Ireland.
Australian authorities, in turn, imposing home quarantine for 14 days for all arrivals of foreigners and Australian citizens.