Pandemic causes oil prices to fall 8%

Instability remains present in the oil market. In last Thursday (11), oil prices plummeted about 8%. The reason would be the concern about the drop in demand as new cases of coronaviruses increase around the world. It is worth remembering that recently the stocks of the commodity in the U.S. reached a record high, which also worried the market.

Brent oil, an international benchmark, ended in down 7.6 percent to $38.55 per barrel. U.S. oil (WTI) fell 8.2% and closed at $36.34. At most, the daily retreat was the largest for Brent and wti since April. The fact is that, because of the pandemic, the has experienced an unstable scenario and no forecast of changes.


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