Oil prices drop due to economic uncertainty and coronavirus

Oil prices fell on Thursday amid uncertainty about the outlook for the global economy and the situation with the coronavirus. The current quotation of Brent is $41.50 per barrel, WTI is $39.75.

Market participants are awaiting further action by the authorities of some countries amid an increase in new cases of coronavirus infection. Investors are concerned about the outlook for the global economy and oil demand amid the likelihood of re-imposing restrictions by some countries.

Additional pressure on oil prices was exerted by statements by the Iraqi oil minister that the country was counting on an agreement with OPEC + to increase oil exports. A week earlier, the minister said that Iraq had developed a plan to compensate for its overproduction of oil by the end of 2020 as part of the OPEC + deal.