Alwaght | News & Analysis Website

Editor's Choice

News

Most Viewed

Day Week Month

In Focus

World against US Recognizing Al-Quds as Israeli Capital

World against US Recognizing Al-Quds as Israeli Capital

undefined
Myanmar Committing Genocide, Ethnic Cleansing against Rohingya Muslims

Myanmar Committing Genocide, Ethnic Cleansing against Rohingya Muslims

undefined
Awamiyah: Saudi Regime Killing Own Civilians

Awamiyah: Saudi Regime Killing Own Civilians

undefined
Qatar Row Deepens Persian Gulf States Rifts

Qatar Row Deepens Persian Gulf States Rifts

undefined
Ansarullah

Ansarullah

A Zaidi Shiite movement operating in Yemen. It seeks to establish a democratic government in Yemen.
Shiite

Shiite

represents the second largest denomination of Islam. Shiites believe Ali (peace be upon him) to be prophet"s successor in the Caliphate.
Resistance

Resistance

Axis of Resistances refers to countries and movements with common political goal, i.e., resisting against Zionist regime, America and other western powers. Iran, Syria, Hezbollah in Lebanon, and Hamas in Palestine are considered as the Axis of Resistance.
Persian Gulf Cooperation Council

Persian Gulf Cooperation Council

A regional political u n i o n consisting of Arab states of the Persian Gulf, except for Iraq.
ISIS Terrorist Group

ISIS Terrorist Group

A terrorist group that fights against Resistance Axis in Syria and Iraq. It was founded & armed by America and its allies covertly.
Taliban

Taliban

Taliban is a Sunni fundamentalist movement in Afghanistan. It was founded by Mohammed Omar in 1994.
  Wahhabism & Extremism

Wahhabism & Extremism

Wahhabism is an extremist pseudo-Sunni movement, which labels non-Wahhabi Muslims as apostates thus paving the way for their bloodshed.
Kurds

Kurds

Kurds are an ethnic group in the Middle East, mostly inhabiting a region, which spans adjacent parts of Iran, Iraq, Syria, and Turkey. They are an Iranian people and speak the Kurdish languages, which form a subgroup of the Northwestern Iranian branch of Iranian languages.
NATO

NATO

The North Atlantic Treaty Organization is an intergovernmental military alliance based on the North Atlantic Treaty which was signed on 4 April 1949.
Islamic Awakening

Islamic Awakening

Refers to a revival of the Islam throughout the world, that began in 1979 by Iranian Revolution that established an Islamic republic.
Al-Qaeda

Al-Qaeda

A militant Sunni organization founded by Osama bin Laden at some point between 1988 and 1989
New node

New node

Map of  Latest Battlefield Developments in Syria and Iraq on
alwaght.com
News

Oil Prices Drop 4% on Demand Concerns as Virus Spreads

Monday 24 February 2020
Oil Prices Drop 4% on Demand Concerns as Virus Spreads

Oil prices fell 4% on Monday, as the rapid spread of the coronavirus in countries outside China added to investor concerns about the impact on demand.

Global shares also extended losses as worries about the impact of the virus grew, with the number of infections jumping in Iran, Italy and South Korea.

 “The weekend’s developments provided us with a stark reminder that the coronavirus is currently an unstoppable force,” Tamas Varga, an analyst at oil brokerage PVM, said.

South Korea’s fourth-largest city, Daegu, was increasingly isolated as the number of infections there rose rapidly. The country reported its seventh death after raising its infectious disease alert to its highest level.

Italy reported a third death from the flu-like virus and 150 infections.

Meanwhile, Iran said it had confirmed 61 cases and 12 deaths. Afghanistan, Iraq, Kuwait, Saudi Arabia and Turkey imposed travel and immigration curbs on the Islamic Republic.

“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 in a note.

Oil prices received some support after local health officials in China said on Monday that four provinces had lowered their virus emergency response measures.

Chinese President Xi Jinping said on Sunday the world’s largest energy consumer will adjust policy to help cushion the blow to the economy from the virus outbreak.

People wear protective masks at Venice Carnival, which the last two days of, as well as Sunday night's festivities, have been cancelled because of an outbreak of coronavirus, in Venice, Italy February 23, 2020. REUTERS/Ohad Zwigenberg

Goldman Sachs said commodity prices could fall sharply before Chinese stimulus efforts later this year help the sector achieve its 12-month return forecast of about 10%.

“The promise of stimulus has made commodity markets act like equity markets, building up risks of a sharp correction,” the bank said in a note.

In the United States, the oil rig count rose for a third straight week. Drillers added one oil rig last week, bringing the total count to 679, the highest since the week of Dec. 20, energy services firm Baker Hughes Co said.

However, Bank of America Global Research kept its 2020 forecast for the price of Brent crude steady at $62 a barrel, citing voluntary and involuntary declines in OPEC supply and the resilience of markets to geopolitical shocks.

Source: Russia Today

Tags :

Oil Price Coronavirus

Comments
Name :
Email :
* Text :
Send

Gallery

Photo

Film

US Troops Leaving Iraqs Qayyarah Air Base as Attacks on American Forces Increase

US Troops Leaving Iraqs Qayyarah Air Base as Attacks on American Forces Increase