Oil price varies by fear of Coronavirus

Much has been said lately about Coronavirus, a severe respiratory disease that has caused several infections and has led people to death in China. This factor was responsible for the drop in oil prices in the last Thursday (24).

According to analysts, the fear that Chinese demand will be reduced because of the disease is the explanation for the fall in the price of commodities in the market. Brent-type barrel was trading with a drop 2.93%, at US$ 61.36, making this the lowest price in seven weeks.

Recently, the financial group Goldman Sachs published a report in which it projects that the respiratory virus could, yes, cause a global demand of 260,000 barrels per day in 2020. Still according to the group, the lowest demand would lead the oil price to fall by US$ 2.90 the Barrel.

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