According to the information compiled from the industrial production and retail sales data showing the slowdown in economic activities in China, the decrease in fuel demand in China caused oil prices to fall by about 1.5% on the first working day of the week, falling below $70.

The barrel price of Brent oil is currently trading at $69.57, while the American West Texas oil (WTI) continues to trade at $67.35/barrel, down 1.6% compared to Friday.

Oil Prices Drop by 1.5% To Below $70 | Devamı>>>

Oil prices slumped for a sixth day in a row on Friday to their lowest in more than a year, causing futures to drop by the most in a week since 2016, as the spread of coronavirus stoked fears that a slowing global economy would hit energy demand.

The coronavirus spread further, with cases reported for the first time in six countries across three continents, battering markets and leading the World Health Organization (WHO) to raise its impact risk alert to “very high.”

The most active Brent future for May LCOc2 delivery fell $2.06, or 4.0%, to settle at $49.67 a barrel, its lowest since July 2017.

Oil Prices Sink to Lowest in Over a Year Biggest Weekly Drop Since 2016 | Devamı>>>