Coronavirus collapse in oil prices is stronger than swine flu

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Coronavirus was the cause of the sharp fall in oil prices due to the epidemiological situation in 2003, surpassing even the swine flu in 2009. This writes belongs to Grigory Berezkin RBC with reference to the monthly report of the Central Bank “Overview of risks of financial markets” in January.

During the most acute phases of development of the situation with coronavirus oil prices have fallen by 17 percent. Stronger due to the outbreak of the disease rates fell only in February and March 2003 during the spread of severe acute respiratory syndrome (SARS) (“the purple death” atypical pneumonia), when prices plummeted by 31 percent.

Thus, according to this indicator, the reaction in oil prices due to coronavirus was even stronger than in June 2009, during the swine flu pandemic. Then oil prices fell 15 percent.

In early February, the price of futures for Brent oil fell to the lowest level in 13 months after oil demand in China fell 20 percent on the background of the situation with coronavirus.

The OPEC countries were considering reducing oil production by 600 thousand barrels a day, however, Russia has not supported the proposal.

According to the February 10, worldwide, 2019 coronavirus-nCov diagnosed more than 40 thousand people. Died 910 people, more than 3.5 thousand recovered.

Video, photo All from Russia.

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