News 8 april — 10:50

Oil prices fall on coronavirus news

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Oil prices decline on Thursday morning as investors fear the impact of rising coronavirus cases in Asia on demand. This is evidenced by the bidding data.

The price of June futures for North Sea Brent crude oil mixture decreased by 0.4%, to 62.91 dollars, and for May futures on WTI - by 0.42%, to 59.52 dollars per barrel.

Despite upbeat expectations from investors about the outlook for the economy this year, oil prices remain vulnerable to news of the continued rise in coronavirus infections, particularly in Asia. The most difficult situation remains in India, one of the largest oil importers.

'In the short term, prices are likely to come under pressure as concerns about a resurgence of COVID-19 will not go away anytime soon,' Will Sunchil Yun, senior commodities analyst at VI Investment, told Bloomberg.

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