Oil prices are down today. According to analysts, they are under pressure from the further development of the Corona pandemic in China and the strong US dollar.
The price of a barrel of North Sea Brent – European reference – was 105.51 dollars on Monday (converted by 104.5 euros), 1.51 euros less than on Friday. US West Texas Intermediate crude was 1.88 percent cheaper at $102.91 ($101.9) a barrel.
Over the weekend, Corona infections in major Chinese capitals such as Shanghai rose again. Authorities continue to crack down on the spread of the virus affecting the Chinese economy.
A strong US dollar also plays a role, as oil is traded in dollars on the global market. A strong dollar drives prices to buyers outside the dollar zone, which ultimately affects demand and price.
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