Oil trades in different directions on demand concerns
Oil is showing no unified dynamics this morning, with Brent down 0.05% to $55.22 and WTI up 0.06% to $52.30 at 8:56 a.m. Earlier in the morning, quotations were falling amid investor concerns about demand due to the situation with the coronavirus in the world. ANZ analysts noted that demand for crude oil fell in China, Hong Kong and France, which put pressure on the quotes. Market participants are cautious because of the possibility of stricter quarantine measures in various countries - in France, in particular, recently there has been information about the possible introduction of more stringent restrictions. Concerns are also heightened in China, where more than 100 infections a day have recently been reported. If its authorities decide to impose a stricter quarantine, it could hit the demand for oil, since China is one of the world's top buyers. In addition, the country's upcoming New Year's celebrations pose a risk, which could worsen the current situation.