Oil prices continued to decline during Tuesday's trading, as investors monitor the conditions related to Corona after Britain announced the discovery of a new strain of the virus.
and a number of European and Asian countries have moved to suspend travel with Britain until the nature of this strain becomes clear, and the price of crude fell by more than 2.5% upon settlement of Monday’s transactions, coinciding with those developments.
Stephen Innes, Head of Market Strategy at Axi, said that the oil market was facing over-buying, so the selling movement was inevitable.
As Ennis explained, according to Reuters, that downside risks are greater than the upside, and the situation will continue as such until it becomes clear how politicians will react to the situation in the next year.
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In terms of trading, Brent crude futures for February delivery fell by 1.7% to $ 50.05 a barrel, at exactly 9 am, Mecca time.
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US Nymex crude for February delivery fell 2.8% at $ 47.74 a barrel.
