• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 9 hours Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 2 hours Tesla Begins Construction Of World’s Largest Energy Storage Facility
  • 16 hours Trump Hands Putin Major Geopolitical Victory
  • 59 mins America Could Go Fully Electric Right Now
  • 10 hours Those Nasty White People and Camping Racism
  • 5 hours Will any journalist have the balls to ask Kamala if she supports Wall Street "Carried Interest" Tax Loophole
  • 3 hours In 1,267 days, Trump has made 20,055 false or misleading claims
  • 5 hours COVID&life and Vicious Circle: "Working From Home Is Not Panacea For Virus"
  • 16 mins Buying votes is cool now.
  • 28 mins Candidate Biden refuses to answer questions and hides from public. If u could, what questions would you ask him
  • 11 hours The Truth about Chinese and Indian Engineering
  • 20 hours Brent above $45. Holding breath for $50??
  • 2 days China wields coronavirus to nationalize American-owned carmaker
  • 1 day Oil Tanker Runs Aground in Mauritius - Oil Spill
  • 2 days Open letter from Politico about US-russian relations
Will Low Prices Save Long-Term Oil Demand?

Will Low Prices Save Long-Term Oil Demand?

Will low gasoline prices will…

Russia’s Central Bank Against Copying Mexican Oil Hedge

Russia’s Central Bank Against Copying Mexican Oil Hedge

Russia’s central bank doesn’t think…

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 Prices See Biggest January Loss In 30 Years

Crude oil prices slid a painful 15% in January—the biggest January slide since 1991—as the coronavirus claims the death of 213 souls and counting.

After a couple weeks of continued slippage, the price of the Brent and WTI benchmarks were trading down 0.98% and 0.73% on the day, respectively, at 9:51 am as the World Health Organization declared a global health emergency.

While the WHO did not recommend any travel restrictions to China, the US State Department recommended no travel to China, and airlines have stopped flying to China, including Air France, British Airways, Lufthansa, Virgin Atlantic, Lion Air, and Seoul Air. Other airlines had reduced their flight schedules to China, including American, Delta, United, Finnair, Cathay Pacific, and Jetstar Asia.

In addition to airline stoppages, the Philippines halted visas on arrival to Chinese nationals, Hong Kong has stopped trains from China, Singapore has closed its borders to Chinese guests, Russia has closed its border with China—for people at least, Italy has halted all air traffic to and from China, Kazakhstan has halted bus service and passenger trains to China, North Korea has closed its borders to all foreign tourists—and these are just some of the travel restrictions in place, indicating that the world is proceeding with an abundance of caution despite the WHO stance that travel and trade should continue as usual.

It is these travel restrictions that are, in part, denting fuel demand, and OPEC is standing up and taking notice, and is considering moving up its March meeting in order to discuss how to respond to the viral emergency.

 Brent was trading at $58.24 a barrel on the London-based ICE Futures Europe exchange on Friday, and is down around 12% in January, according to Bloomberg.

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




Oilprice - The No. 1 Source for Oil & Energy News