Because of the Corona virus ... oil continues to lose losses and major gains for gold

Oil prices incurred losses for the fourth week in a row, as concerns increased about the potential economic damage to the outbreak of the Corona virus, which spread from China to about twenty countries and killed 259 people, in return gold achieved the largest gains.

Brent crude prices recorded losses during the past week, more than 4%, and closed at $ 58.16 a barrel.

As for US crude contracts, they lost about 5% and closed at $ 51.56 a barrel.

During the session, US crude fell to $ 50.97 a barrel, the lowest level since last August.

In the United States, oil production recorded an unprecedented level, reaching about 13 million barrels per day last November.

Production increased by more than two hundred thousand barrels per day, compared to about 12.7 million barrels per day last October.

Commercial crude oil stockpiles increased in the week ending on the twenty-fourth of last month, 3.5 million barrels, totaling 431 million barrels.

OPEC production is declining
In contrast, the production of OPEC countries fell to the lowest level in more than a decade, as a result of production cuts and the decline in Libyan oil supplies.

A Reuters survey showed that the production of OPEC countries reached an average of 28 million and 350 thousand barrels per day on average last January, and decreased by 640 thousand barrels per day from last December.

Libya's production recorded the largest decline as a result of the closure of ports and oil fields by forces loyal to Khalifa Haftar.

And the countries participating in the production cut agreement are considering holding an early meeting and taking measures to reduce the decline in oil prices.

yellow metal
In the minerals market, the price of gold contracts in January recorded the largest monthly gain since last August, as a result of the continued outbreak of the Corona virus.

And gold gains in the past month more than 4%. Contract prices closed last week near $ 1590 an ounce on the spot market.

Gold is a safe haven for investors, especially in times of tensions and weak growth in the global economy.

The World Health Organization announced on Thursday that the outbreak of the Corona virus had become a global emergency, but it opposed restrictions on travel or trade with China and expressed confidence that China could contain it.