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Oil prices fall to lowest level for year and continue falling

27.02.2020,11:30


February 27, Fineko/abc.az. Prices for oil of standard grades continue declining on Thursday after they finished trading at the lowest levels in the last 13 months a day earlier.

Dow Jones says that concerns keep on the market that the spread of CoViD-19 will have negative impact on the global economy and on the demand for oil in the world.

Following the trading on 26 February at London ICE Futures Exchange, the price of April’s futures for Brent oil fell by $1.52 (2.77%) to $53.43 per barrel. By 9:25 am, Brent futures for April fell by $0.76 (1.42%) to $52.67 per barrel.

At the end of trading on 26 February at the New York Mercantile Exchange (NYMEX), April’s WTI oil futures price fell by $1.17 (2.34%) to $48.73 per barrel. By 9:25 am, WTI futures for April decreased by $0.73 (1.5%) to $48.0 per barrel.

Azerbaijani crude oil Azeri Light fell by $1.19 (2.06%) to $56.40 per barrel.