Brent continues to fall as coronavirus death toll rises

Brent oil futures for April 2020 declined by 4.9% at London’s ICE stock exchange this morning, falling below $54 per barrel to reach their lowest point in more than a year.

As of 04:10 Moscow time, Brent oil futures traded at $53.98 per barrel. Last time, oil prices fell below $54 per barrel on January 3, 2019, TASS reported.

Global Oil prices have been battered over the past two weeks due to the rapid spreading of the novel coronavirus in China. A sharp decline in business activity and tourism in China caused the oil demand in the country to shrink by about 20%, or 3 million barrels.