Oil price dropped to a minimum for 13 months

Oil prices are reduced on the news about the fall of demand in China, the price of oil of Brent brand during the tendering fell to a minimum for 13 months, Interfax reports.

The cost of April futures on the Ice Futures London Exchange fell by 3.4%, up to $ 54.7 per barrel. Futures for WTI oil for March at electronic auction by the Nymex New York Exchange fell 2.1%-up to $ 50.5 per barrel.

The demand for oil in China fell by about 3 million barrels per day, that is, about 20% of consumption, amid the spread of coronavirus. This is the most serious reduction in demand since the financial crisis of 2008-2009.