Oil Prices Decreased

Oil Prices Decreased

Oil prices fell with effects of the sales in global markets.

Oil prices decreased. Prices declined in Asian transactions, despite declining crude oil stocks due to heavy sales in financial markets. While futures contracts in the New York market decreased by 0.4 percent along with the negative expectations in the markets, the downward market trend also put pressure on the effect of the 10 million barrels of declining stocks in the USA. With the decrease in air and land traffic in China, concerns continue that the pressure of the coronavirus epidemic on fuel demand continues. While oil prices have increased by 50 percent since the beginning of October, with developments in the use of vaccines developed for use in the treatment of the coronavirus epidemic, they have recently been suppressed by the increase in the number of cases and tightened restrictions. Making a statement on the subject, VI Investment Senior Commodity Analyst Will Sungchil Yun said, “Concerns about an increase in coronavirus cases in China are slowly rising before the national holiday season. The negative atmosphere in the financial markets also raises concerns.” West Texas Oil for March futures dropped 23 cents at $ 52.62 a barrel in the Nymex market on Wednesday, after a 0.5 percent increase, at 12:07 Singapore time. Brent oil for March futures is trading at around $ 55.53 a barrel on the Ice Futures Europe market, down 0.5 percent after losing 0.2 percent on Wednesday.