Economy

Oil prices down with rising US crude stock, coronavirus

Low global oil demand expectations remain strong due to COVID-19

Ovunc Kutlu   | 21.02.2020
Oil prices down with rising US crude stock, coronavirus

ANKARA

Crude oil prices were down on Friday as the coronavirus outbreak continues to put pressure on demand while the rise of U.S. crude oil stocks added to the market's oversupply.

International benchmark Brent crude was trading at $58.16 per barrel at 0952 GMT for a 1.94% loss after closing Thursday at $59.31 a barrel.

American benchmark West Texas Intermediate was trading at $52.97 a barrel at the same time for a 1.5% decline after ending the previous session at $53.78 per barrel.

The death toll in China from the novel coronavirus outbreak has increased to 2,238, while 75,465 of COVID-19 cases have been confirmed, of which 11,633 are in critical condition, according to China's National Health Commission on Friday.

Commercial crude oil inventories in the U.S. rose by 0.4 million barrels, or 0.1%, to 442.9 million barrels for the week ending Feb. 14, according to data released by the Energy Information Administration (EIA) on Thursday.

The rise in crude oil stocks added to the supply glut, raised concerns in the global oil market, and pushed prices lower. Furthermore, due to the coronavirus, the market forecasts low global oil demand.

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