Oil prices may fall further as a result of the epidemic in Europe

Oil prices fell again on Monday, down more than 1 percent, according to media reports March 22, as markets again feared that the European blockade could slow the recovery in expected demand for fuel products.

Brent crude oil fell 69 cents, 1.1 percent, to $63.84 a barrel at 07:55 GMT. Oil prices in the United States fell $1.03 to $60.39 a barrel, 1.7 per cent. Both crude oil prices fell more than 6 per cent last week.

Jeffrey, senior market analyst at the OANDA? "The delay in the German blockade the partial French blockade continue to depress consumer sentiment in the EU," said Jeffrey Halley

According to a draft proposal, Germany plans to extend the blockade to a fifth month to control the infection. Earlier, German authorities said that the increasing number of new cases will lead to hospital overload.

Confidence in the safety of the AstraZeneca vaccine in Spain, Germany, France Italy has been hit hard by reports that the vaccine is linked to rare blood clots many countries have temporarily suspended its use, according to opinion poll data on Monday.

Stephen? "The reality is that we are still a long way a full recovery in demand, record production cuts are the main factor supporting the oil market," said Stephen Innes

After a sharp drop in demand during the outbreak, OPEC its allies implemented an unprecedented production reduction agreement to balance the global market. Meanwhile, US oil companies began to take advantage of the earlier surge in oil prices to be optimistic about the recovery of demand, adding the largest number of drilling platforms since January in the week ending last Friday.

The number of oil gas wells, an early indicator of future production, rose nine last week to 411, the highest since April, energy services company Baker Hughes said in its closely watched report on Friday.

In the past seven months, the number of drilling platforms has been increasing, up nearly 70% the historic low of 244 in August.

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Source: International Petroleum Network