Oil gets 2% cheaper because of concerns about coronavirus

Oil prices show a decline on Monday morning. At 9:32, Brent fell 2.14 percent to $41.17 and WTI fell 2.28 percent to $38.94. The current coronavirus situation is adding to the anxiety investors who are afraid of reduced demand. Pessimism of players is caused by the growth of new infections with coronavirus in some countries, which reached record highs. The World Health Organization reported last weekend that the daily number of new cases in the world rose to a new maximum. Therefore, market participants are afraid of tougher quarantine measures and the associated slowdown in the global economy, as well as a decline in demand for oil. The news about Libya's plans to increase oil production also put pressure on quotations. Last week, the country's national oil company announced that in the coming weeks the volumes of oil produced by the country will increase. raw materials will amount to more than 1 million b/s.