Coronavirus advances and oil has sharp drop

Due to the spread of coronavirus around the world, on Thursday (27), the price of oil fell once again and reached its lowest level since December 2018. Brent crude closed down $1.52, or 2.77 percent, at $53.43 per barrel, while U.S. crude retreated $1.17, or 2.34 percent, to $48.73 a barrel.

"Every time a headline emerges, especially those related to new cases in the U.S., such as in New York, it forces additional sales and makes the contribution of normal fundamentals put aside," said Jim Ritterbusch, president of Ritterbusch and Associates.

The first cases of the virus have also been confirmed in countries such as Greece, Georgia and Brazil. Meanwhile, authorities are imposing new restrictions on travel and quarantine determinations on several continents.


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