Oil prices fall almost 5%

Global oil prices on March 15 morning fell by about 4.5%, while the risks of lower oil demand returned to the markets amid the spread of coronavirus in China, Report informs referring to the auction data.

The price of May futures for Brent crude fell by 4.66% to $101.92 per barrel, April futures for WTI fell by 4.57% to $98.3.

Oil prices continue to fall on March 15 due to outbreaks of coronavirus in China. Several cities have tightened coronavirus restrictions after reports of new infections. China is facing one of the worst COVID-19 outbreaks by some estimates.

This could lead to new socio-economic restrictive measures, and hence a decrease in global demand for commodities.