Oil noticeably falls in price amid possible decrease in demand in Asia

Global oil prices fell noticeably on March 14 morning, as investors suggest a possible decrease in demand for crude in Asia due to new outbreaks of COVID-19, Report informs referring to the auction data.

The price of May futures for Brent crude oil fell by 1.78% to $110.67 per barrel, April futures for WTI fell by 2.3% to $106.81.

Oil investors on March 14 are concerned about a possible decrease in demand for oil in Asia due to new reports of the identification of people infected with the novel coronavirus.

Oil prices in Asia are down about 2%, likely due to recent developments related to COVID-19 in China, the Wall Street Journal reports.