Energy markets continue to fall with Brent crude oil dipping below $49, over a 5 percent drop, price charts showed on Friday
MOSCOW (Pakistan Point News / Sputnik - 28th February, 2020) Energy markets continue to fall with Brent crude oil dipping below $49, over a 5 percent drop, price charts showed on Friday.
As of 17:05 GMT, the price of May futures for the North Sea Brent Crude oil dropped by 3.87 percent, to $49.73 per barrel. Earlier in the day, however, the futures slipped below $49 which was the lowest rate since since July 2017.
The value of April futures for WTI crude oil decreased by 5.16 percent, to $44.66 per barrel.
Investors continue to follow the coronavirus updates as the downturn comes on the back of widespread turmoil in stock markets worldwide with more nations announcing new COVID-19 cases.
Investors are now expecting OPEC+ to decide on a reduction in oil production to maintain prices. Further changes to the OPEC+ deal are expected to be agreed at the group's ministerial meetings on March 5 and March 6 in Vienna.
