At a time of growing new coronavirus, oil prices plummeted recently triggering concerns over fuel demand’s recovery.
A commodity analyst at UBS Wealth Management, Giovanni Staunovo, said the reports of a new streak of Covid-19 in Europe has impacted the oil prices. And this is while lockdown restrictions don’t seem to be much effective, he continued.
In this regard, Alexander Novak, Russian politician, said too that balance in the oil market would probably take place in the next two or three years.
Brent prices went up last week, the first time after the outbreak, under the aegis of the vaccine’s emergence. However, a new streak of coronavirus, with a presumed 70% higher transmutability rate, has sparked distress among people. Consequently, borders to Britain- where the new virus was first observed- has been closed in neighboring countries. The virus has also been diagnosed in countries like Italy, Australia and the Netherlands as well.