Corona's impact on crude oil prices, price falls by more than 2.5 percent
Corona's impact on crude oil prices, price falls by more than 2.5 percent

New Delhi: Due to the outbreak of Corona epidemic, the price of crude oil has fallen by more than two and a half percent on Friday. The international market has recorded a drop in prices due to the havoc of the Corona epidemic, with the re-enactment of lockdown in Europe affecting oil consumption.

Due to this decline, business was also going on in the domestic futures market with fall in crude oil. The domestic futures market, Multi Commodity Exchange (MCX), was trading at Rs 2,796 a barrel, down Rs 75, or 2.61 per cent, from its previous session at 10.57 am in crude oil's November futures contract on Friday. Brent crude's January delivery contract on the international futures market Intercontinental Exchange (ICE) was trading at $ 39.88 a barrel, down 2.57 percent from the previous session.

American Light Crude West Texas Intermediate (WTI) was trading at $ 37.73 a barrel, down 2.73 percent in the December delivery contract. According to Anuj Gupta, deputy vice-president (energy and currency research), Angel Broking, cases of coronavirus infection increasing worldwide, re-introduction of lockdown in Europe to prevent virus infection is expected to reduce oil consumption demand in the coming days, due to which the oil prices have fallen.

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