Brent opens low in London

London – The barrel of Brent oil opened today (Monday) in the London stock market, at 54.25 US dollars, minus 75 cents of the value proposed in the 2020 State Budget for Angola.

On Friday, the reference oil for Angolan exports closed trading at $ 54.47 a barrel.

The consecutive drop in the price of crude oil on the main world exchanges in recent weeks, according to analysts, is the result of the coronavirus, an epidemic that affects the second largest economy in the world and also the largest consumer of oil in the world.

Last week, OPEC held an extraordinary meeting to assess the impact of the coronavirus epidemic, which mainly affects China and its potential impact on the world oil market.

With the spread of the Coronavirus, an epidemic that emerged last December, China, the largest consumer of oil in the world, registered a drop of 20%, in other words, three million barrels / day, well above 1.5 million of the cut scheduled by OPEC.

According to the AFP agency, the coronavirus epidemic in China has caused concern among some OPEC countries, very dependent on the growth of the world’s second largest economy to sell their barrels of oil.

Source: Angola Press News Agency