After A Three-Week Rise … A New Decline In Oil Prices

Baghdad Oil prices fell by more than 2%, today, Saturday, as concerns about the closure of Chinese cities due to the outbreak of the Coronavirus, driven by strong import data from the largest importer of crude in the world.

Brent fell $ 1.58, or 2.80 percent, to settle at $ 54.84 per barrel.

US West Texas Intermediate crude closed down $ 1.51, or 2.82%, to $ 52.06 a barrel.

Both benchmarks (Brent – West Texas Intermediate), which reached their highest level in nearly a year earlier in the week, recorded their first weekly decline in three weeks, with Brent dropping 1.6% over the course of the week and US crude falling by 0.4%.

 

Source: National Iraqi News Agency