Tech Newswire

Oil Prices Rise on Virus Slowdown

The petrochemicals sector has finally seen a sign of relief as oil prices rose today (Feb 12) to $54.99 per barrel on the back of reports from China that showed the lowest number of new daily cases of the coronavirus since early January.


Health authorities around the world remain cautious, while the world's supply chains are more optimistic that an end to this crisis might be in sight.


China's energy sector could see demand fall as much as 25 percent this month - equal to 3 percent of total global consumption.


Most factories continue to remain closed, with most now hoping to reopen by mid-to-late February. 


Oil prices have dropped more than 20 percent since early January and reached a 13-month low on Feb. 10.



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