Oil to a 7-week low

Falling oil prices and fears of the deadly virus

Oil prices fell to their lowest level in 7 weeks, Thursday, as they fell by more than one percent due to fears that the spread of a virus that infects the respiratory system from China may lead to a decline in fuel demand, if economic growth weakens, similar to the outbreak of the severe acute respiratory syndrome (SARS) epidemic. ), Almost 20 years ago.



Brent crude futures fell 87 cents, or 1.4%, to $ 62.34 a barrel. It had fallen earlier to the lowest level since the fourth of December after falling by 2.1% in the previous session.

US West Texas Intermediate crude futures fell 94 cents, or 1.6%, to $ 55.80 a barrel, after falling earlier to the lowest level since December 3. The contract fell 2.7%, Wednesday.

The new Corona virus has killed 17 people since it appeared in Wuhan late last year, and some 600 cases of the virus have been confirmed, including cases in remote areas that reach the United States.


"We expect a price shock of up to $ 5 (a barrel), if the crisis develops into a pandemic like SARS based on historical oil price movements," JPMorgan Commodity Research said in a note.