• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 hours "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 2 days What China is Learning from Russia's War in Ukraine and its Consequences
  • 13 hours Advancing Fundamental Drilling Science - Geothermal drilling successes offer potential gain for petroleum industry
  • 11 hours Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 4 days Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65
Russian Oil Revenues Soar Despite Sanctions

Russian Oil Revenues Soar Despite Sanctions

Despite suffering under a massive…

How Russia Has Revived NATO

How Russia Has Revived NATO

Putin now claims that he…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Oil Sinks To Prices Not Seen Since 2018

Market fears and weak oil demand have prompted a continued oil price slide, with both the Brent crude and WTI crude benchmarks falling on Monday to lows not seen since the end of 2018.

WTI was trading below the $50 per barrel mark, down $0.79 (-1.57%) on Monday afternoon near 4pm. Brent crude was trading down $ 1.20 (-2.20%) at $53.27.

The coronavirus has so far infected more than 40,000 people and claimed the lives of over 900—more than the SARS outbreak of 2002/2003. Travel restrictions to, from, and within China, in an effort to contain the virus and keep it from spreading, have cut into oil demand, as has a slowdown in industrial activities.

Despite the travel restrictions, the virus has reared its ugly head in 25 countries, including the US and Britain—the latter of which declared today the virus an “imminent threat” to public health.

PetroChina and Sinopec, the two largest oil refineries in China, have cut refinery run rates to compensate, alongside independent refineries who have done the same. 

So far, oil has slid 25% off this year’s peak as a result.

OPEC failed to adequately quash market fears on Monday as recommendations by its joint technical committee both to extend the current production cuts to the end of the year and to deepen the cuts did not gain the immediately support of oil behemoth Russia, with the country saying it needed more time to evaluate the market situation and the effect the coronavirus would have on it.

The economic effects of the coronavirus are profound, with analysts downgrading China’s GDP growth for 2020, with most agreeing that the first half of 2020 will drag down the entire year.

Citi downgraded China’s full year growth forecast from 5.8% to 5.5%, and MacQuarie downgraded its outlook from 5.9% to 5.6%. Meanwhile, Moody’s kept its forecast at 5.8%.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News