“The main factor is, of course, fears that a new strain of coronavirus will spread throughout the world and countries will react to it in the same way as to the primary strain, the coronavirus itself last year, that everyone will follow the path of organizing new lockdowns and restrict the movement of people. ...
This means that people will travel less, spend less fuel ... Accordingly, traders are afraid that if demand falls, the price will fall, and they begin to sell oil futures in order to fix profits, "Yushkov said.
He added that as soon as the first news of the emergence of a new strain appeared, traders "immediately got scared and began to sell futures out of harm's way while they were at $ 75-80."
“They reinsure themselves and go to the cash.
Even if there is no sharp drop in demand like last year, and the price does not fall to $ 30 per barrel, they are still afraid, "the interlocutor of RT concluded.
Earlier it was reported that oil prices are accelerating the fall to 4%, the cost of Brent fell below $ 70 for the first time since August 24.