Oil prices are correcting down

Oil is getting cheaper this morning, with Brent down 0.25% to $51.21 at 8:12 a.m. and WTI down 0.12% to $48.17. Prices are correcting after rising last week, rising 2% last Wednesday under the influence of positive news about inventories in the United States. Nevertheless, at the end of the week oil quotes fell, which last time happened in October. Now the main factors affecting the dynamics of prices are the situation with coronavirus in the world and news about oil production. Due to the pandemic, quarantine restrictions continue to intensify in various countries because of the pandemic, which is a threat to demand. In terms of oil production, the Iraqi Oil Ministry has reported that after 2023, the country intends to increase oil exports by 6 million bpd after 2023. In addition, 4 new oil and gas fields were discovered in Saudi Arabia, as announced by the country's Energy Minister Abdulaziz bin Salman.