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Price of oil decreases and gold price continues to rise

© Belga

Fear of a generalized epidemic of the virus, has lowered oil prices as concerns of global demand is affecting the markets.

A barrel of North Sea brent fell 1.37 dollars to 57.13 dollars, while the American reference barrel (WTI) fell 1.16 dollars to 52.22 dollars.

“We should not underestimate the economic disruption as a super spreader could trigger a massive drop in business activity around the globe of proportions the world has never dealt with before,” Stephen Innes, chief market strategist at AxiCorp, said on Monday.

Gold continues to be seen as a safe haven by investors, on the other hand.

The price of an ounce (31.1 grams) rose to 1,550 euros on Monday, its highest level since February 2013.

The Brussels Times