Oil is getting cheaper on care risks and fears for demand

The world oil prices on Monday morning fall at 2% or more on uncertainty in demand for raw materials due to continuing history with the next strain of a new coronavirus. This is evidenced by trading data, reports “Prime”.

February Brent Oil Futures are 2.57%, to $ 71.63 per barrel, January WTI Futures – by 3.09%, to $ 68.67.

According to the World Health Organization (WHO), the overall global risk associated with the spread of a new strain of Coronavirus “Oomikron” is estimated as “very high”, the likelihood of its further distribution worldwide is also high. It threatens next quarantine restrictions, which will inevitably affect the prospects for the global economy and demand for raw materials, which is negative for the cost of oil.