Energy prices: rising coronavirus cases in China drive down oil prices

Oil prices continue to fall due to the emergence of coronavirus cases in China. Measures taken to counter the epidemic are weighing on oil demand, as China is the world's largest importer of crude.

  

The price for U.S. West Texas Intermediate oil fell to $96 a barrel, after a slight recovery on Friday. The number of coronavirus infections continues to rise in Shanghai and no date has yet been set for the lifting of measures. This resurgence of the virus has disrupted port activity. Oil prices have meanwhile almost returned to their pre-war levels in Ukraine in late February.

 

The Russian invasion had prompted the Americans and their allies to release strategic oil reserves in order to avoid a further spike in prices.