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Barclays expects oil prices to be affected by two dollars a barrel due to Corona
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Economy News - Baghdad
Barclays Bank said on Tuesday that oil prices will be affected by two dollars a barrel due to the potential economic impact of the outbreak of the Corona virus in China.
China confirmed more than 100 deaths and more than 4,000 infected with the virus, prompting authorities to step up preventive measures, impose travel restrictions and extend the Lunar New Year holiday to limit the spread of the virus.
The bank expects Brent and West Texas Intermediate crude prices to fall by two dollars throughout the entire year to 62 and 57 dollars a barrel, respectively.
Oil prices have fallen over the past six sessions, but the bank says the market's reaction may be overrated.
Brent is currently trading near $ 59 a barrel and US crude near $ 53 a barrel.
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