moneyCrude oil is getting cheaper today. The first Corona deaths in China in months raise fears of the continuation of the strict Corona policy among the largest oil consumer in the world.
A barrel of Brent North Sea oil – which sets the price at the pump in Belgium – is 52 cents cheaper, and now costs $87.10. The price of a barrel of US WTI Oil is still at $79.56, or down 52 cents.
The reason for the cheaper oil is the Corona situation in China. There, the number of infections is rising again. For the first time in nearly six months, the country also reported its first coronavirus death on Saturday. Two additional deaths occurred on Sunday.
Beijing has a very strict policy on Corona. Doesn’t seem to be relaxing in the works due to the new numbers. However, the Corona policy affects economic growth and thus the demand for oil. China is the largest consumer and importer of oil worldwide.
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