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Oil prices drop further as coronavirus continues to spread

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Oil prices continue to drop amid uncertainty over the demand for crude oil as coronavirus continues its spread in Europe and the United States.

Around 2:10 PM, the price of a barrel of American WTI crude oil to for delivery in December had dropped to $37.44 (approximately €31.92).

A barrel of North Sea Brent dropped to $39.32 (roughly €33.52).

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Earlier this year, Covid-19 made demand for oil drop as many European countries went into lockdown, causing petrol prices to hit a 10 year low in March, and causing barrels to reach negative prices in April.

While they’re not as low as in March, petrol prices in Belgium are dropping again from Thursday to their lowest point in nearly five months.

Jason Spinks
The Brussels Times