Europe has collapsed oil prices




European countries have collapsed oil prices, deciding to tighten restrictions amid the growing incidence of coronavirus infection in the region. Bloomberg writes about it.





The cost of the December Brent blend futures at trading on the London ICE exchange on October 28 fell 4.4 percent. As of 16:49 Moscow time, a barrel of oil costs $39.2 per barrel. Oil fell below $40 a barrel for the first time since October 5, 2020.

The cost of December contracts for American WTI fell by more than 5 percent and fell to $37.58 per barrel. At the moment, WTI dropped to $37.3.

Quotes are falling amid the decision of the European authorities to tighten restrictions due to the increase in the incidence of coronavirus. Europe's main economy — Germany — wants to close all bars, restaurants, and public places for recreation by the end of November. The French authorities are also preparing tougher restrictions, which could include a complete lockdown, the agency said.

Spain and Italy have already tightened quarantines due to the worsening situation with the coronavirus. The Spanish authorities approved the imposition of a curfew between 11 pm and 6 am. In Italy, gyms, public pools, cinemas, and theaters are closed until November 24. Also, after 18:00, all catering points stop working, including bars, restaurants, and cafes.





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TAGS: EUROPE, OIL PRICES

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