The price of Texas oil (WTI) for delivery in March opened strongly this Wednesday with a rise of 2.18%, placing the barrel clearly above $ 50, specifically $ 51.03, an increase that has to do with a relaxation of fear about the consequences of the Chinese coronavirus.
At 09.15 local time (14.15 GMT), the reference crude in the United States was trading at $ 51.03 a barrel ($ 1.09 more than yesterday) on the New York Mercantile Exchange (Nymex), where a trade was negotiated volume of more than 253,000 contracts.
The price of oil rose more than 2% on Wednesday, after China reported its lowest daily number of new cases of coronavirus since the end of January, fueling hopes that fuel demand in the world’s second largest oil consumer Start recovering from the epidemic.
Travel restrictions to and from China and quarantines have reduced fuel use. The two largest Chinese refineries have said they will reduce their processing by approximately 940,000 barrels per day (bpd) as a result of the drop in consumption, or approximately 7% compared to 2019.
In parallel, the coronavirus epidemic will cause the growth of oil consumption to be 19% lower in 2020 than calculated so far, OPEC said Wednesday in a report that warns that the impact of this crisis has added uncertainty about The march of the global economy.
“The main reason after this review of the growth of demand and, therefore, of OPEC’s oil demand, is the coronavirus outbreak and its expected impact on China’s oil demand and, by extension, the world” , says the energy group in its market analysis, published Wednesday in Vienna.
The new calculation of the Organization of Petroleum Exporting Countries (OPEC) places global oil consumption during this year at 100.73 million barrels per day (mbd), 230,000 barrels per day less than the estimate made last month, before the outbreak of the epidemic that has already caused more than 1,000 deaths.