{"id":278060,"date":"2020-12-08T23:42:47","date_gmt":"2020-12-09T04:42:47","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=278060"},"modified":"2020-12-08T23:42:47","modified_gmt":"2020-12-09T04:42:47","slug":"oil-prices-down-due-to-covid-19-containment-measures","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/12\/08\/oil-prices-down-due-to-covid-19-containment-measures\/","title":{"rendered":"Oil prices down due to Covid-19 containment measures"},"content":{"rendered":"<figure id=\"attachment_269134\" aria-describedby=\"caption-attachment-269134\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/09\/oil-refinery-3713276_1280.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-269134\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/09\/oil-refinery-3713276_1280.jpg\" alt=\"\" width=\"1280\" height=\"805\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/09\/oil-refinery-3713276_1280.jpg 1280w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/09\/oil-refinery-3713276_1280-300x189.jpg 300w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/09\/oil-refinery-3713276_1280-768x483.jpg 768w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/09\/oil-refinery-3713276_1280-1024x644.jpg 1024w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\" \/><\/a><figcaption id=\"caption-attachment-269134\" class=\"wp-caption-text\">Oil prices declined as the rapid increase in the number of coronavirus cases obligated several countries worldwide to re-tighten measures and impose fresh lockdowns, fueling concerns over an immediate global economic and oil demand recovery. (Pixabay photo)<\/figcaption><\/figure>\n<div dir=\"auto\"><strong>ANKARA<\/strong>\u00a0\u2013 Oil prices were down on Tuesday due to recent coronavirus disease 2019 (Covid-19) containment measures that are negatively affecting sentiments of a prompt oil demand recovery.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">International benchmark Brent crude was trading at USD48.39 per barrel at 0638 GMT for a 0.82-percent decline after closing Monday at USD48.79 a barrel.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">American benchmark West Texas Intermediate was at USD45.49 per barrel at the same time for a 0.59-percent decrease after it ended the previous session at USD45.76 a barrel.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Oil prices declined as the rapid increase in the number of coronavirus cases obligated several countries worldwide to re-tighten measures and impose fresh lockdowns, fueling concerns over an immediate global economic and oil demand recovery.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">In the US, California announced strict stay-at-home rules throughout the Christmas period while several European countries are also planning to bring restrictions for Christmas gatherings.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">According to data from Johns Hopkins University on Tuesday, the number of cases worldwide has now reached over 67.5 million.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The US, the world&#8217;s largest oil-consuming country, still tops the number of cases above 14.9 million, while cases in India now total over 9.7 million, and Brazil follows with over 6.6 million cases.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Also, disappointment over last week&#8217;s OPEC+ meeting is still weighing on prices as the group agreed to incrementally increase its oil production.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The market expectation was an initial three-month extension of the current 7.7 million barrels per day (bpd) output cuts, however, the group decided to add 500,000 bpd in January and to agree on output for the following months during monthly meetings.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Some analysts say these monthly meetings will cause volatility in the markets, which will encourage investor caution<em><strong>.<\/strong><\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>ANKARA\u00a0\u2013 Oil prices were down on Tuesday due to recent coronavirus disease 2019 (Covid-19) containment measures that are negatively affecting &hellip;<\/p>\n","protected":false},"author":33,"featured_media":269134,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-278060","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-anadolu","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/278060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=278060"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/278060\/revisions"}],"predecessor-version":[{"id":278062,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/278060\/revisions\/278062"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/269134"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=278060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=278060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=278060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}