New virus international oil prices continue to drop at 4:43 on February 29
Global crude oil prices are falling due to caution against the spread of the new coronavirus infection.
The price of North Sea crude oil traded on the London market fell to the low $ 50s / bbl level on Tuesday, the first low in a year and two months since December 2018.
In addition, WTI futures prices in the New York market have fallen to the high $ 43s / barrel, again at the lowest in a year and two months.
Behind this, there is the prospect that economic activity will stagnate, especially in China, due to the spread of the new coronavirus, and demand for crude oil will decline. , Is falling.
Against this backdrop, OPEC member countries, particularly in Saudi Arabia, who want to maintain prices, will hold a meeting with non-members such as Russia next week to discuss additional cuts in production.