Oil prices are falling – investors are worried outlook for demand due to coronavirus

Oil falls on heightened concerns about the spread of the coronavirus. At 10:39 am April Brent futures fell 0.17% to $ 54.41, March WTI futures lost 0.16%, reaching $ 50.24. The problem of the virus is negatively affecting the Chinese economy, which is the largest importer of "black gold". It sows uncertainty among players about the prospects for demand for oil. Today, many Chinese enterprises I have started again work after a long weekend, but some remain closed. The dynamics of oil is also affected by news from the United States. IN Baker Hudges released last Friday oil rigs in the country. According to statistics, over the past a week it increased by one installation and amounted to 676 units. In addition, the OPEC + technical committee made a decision last week to further reduce the production of "black gold" by 600 thousand b / d, reported by the media. The reduction is planned to be carried out by June, the target this step is to stabilize oil prices.