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.
Unlimited free access to Showbytes? And that can!
Sign in or create an account and never miss a thing from the stars.
“Total coffee specialist. Hardcore reader. Incurable music scholar. Web guru. Freelance troublemaker. Problem solver. Travel trailblazer.”
More Stories
Moroccan military spending is declining, and Algerian spending is accelerating
Rats on board freighter delay kiwi season in Zesbury.
A French village sells its house for one euro, despite a condition