Oil quotes are reduced on Monday on the news about the increase in the incidence of coronavirus infection in China.
Interfax writes that the September futures on the Brent variety on the Ice Futures London Exchange on Monday evening fell by $ 1.97 (1.84%) – up to $ 105.05 per barrel. The cost of the futures on WTI for August on the New York commodity exchange (NYMEX) decreased by $ 2.41 (2.3%) to $ 102.38 per barrel.
according to the results of last week, Brent fell in price by 4.1%, WTI – by 3.4%.
According to official figures, on Sunday, 352 new Covid-19 cases were identified in the PRC. The average number of cases last week was more than 300 per day, which is a maximum since May, notes Bloomberg. As a result, the authorities of several large cities in China introduced strict restrictive measures in order to prevent the further spread of infection. This can lead to a reduction in fuel demand in the largest hydrocarbon importer in the world, writes Marketwatch.