LONDON/TOKYO - U.S. crude dropped below $50 on Wednesday, the lowest level since January 2019, as Asia, Europe and oil producing countries in the Middle East reported hundreds of new coronavirus cases and the United States warned of an inevitable pandemic.
Pandemic fears intensified as authorities around the world battled to prevent the spread of coronavirus, which has now been found in about 30 countries. “We see oil prices improving through the year assuming demand begins to normalise in 2020,” it said, referring to the second half of 2020. Saudi Arabia’s energy minister said on Tuesday he was confident that OPEC and its partners, known as OPEC+, would respond responsibly to the spread of the coronavirus.“Yet there is no guarantee that buyers will emerge out of the woodwork even if OPEC+ further tightens the oil spigots,” said Stephen Brennock of oil broker PVM.
It is dropping due to less demand.
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