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Prices – Oil fell 16% this week

The price of oil in New York fell again, 5%, on Friday as a result of the coronavirus, and accumulated a fall of 16% in the week.

The WTI reference barrel for April delivery ended with a loss of 4.9%, at $ 44.76. In the week the fall was 16.1%, the most important in a week since 2008.

The North Sea Brent for delivery in April gave 3.2% to $ 50.52 in London. Lost 13.6% in the week.

These are minimums since the end of 2018.

“Both WTI and Brent fall in reaction to a decline in demand for crude oil, which affects not only China but the whole world,” said Andy Lipow of Lipow Oil Associates.

“Trips and conferences are canceled, as well as all the services associated” to these events, exemplifies this specialist.

Given this withdrawal of demand, supply is abundant in the world market.

OPEC, which brings together the world’s leading oil producers and exporters, will meet on March 5 and 6 in Vienna to assess a production cut.

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