Coronavirus Mutation Caused Oil Prices to Drop

Coronavirus Mutation Caused Oil Prices to Drop The coronavirus mutation caused the oil prices to drop. Oil prices fell 5 percent. Oil prices, which fell sharply in March, when the coronavirus (Covid-19) epidemic boomed, recovered the gains with market-friendly steps of central banks and governments, relaxation of measures and recovery in the third quarter. Brent oil, which saw an increase for seven weeks in a row reached $ 52.50, completed the last week at the highest level of the last 9 months. However, yesterday, British Prime Minister Boris Johnson announced that a new type of coronavirus was encountered in the country and urgent measures should be taken. Following the news of the coronavirus mutation, Brent oil lost 5 percent to $ 49.20, while crude oil fell to $ 46.30. While many countries have stopped their flights to England with the concern of new virus news, countries that have not closed their flights yet will clarify their decision after the negotiations. In this case, the thought that restrictions would be tightened and possibility of the new quarantine measures, played a role in the decline of global oil demand, worrying that global oil demand would decrease. At the time of writing, while brent oil stood at $ 49.95, sharp declines were observed in assets such as the Euro and Pound, as well as stocks.