The coronavirus pandemic in the world is hit hard by oil demand. In conditions when, due to quarantine, the movement of residents is limited, and enterprises are closed, interest in fuel decreases sharply.
As a result, investors fear for demand. Negative sentiment in the oil markets is also caused by the fact that hopes for a quick recovery after the crisis caused by the pandemic are dying away, as governments are cautious in rebuilding their economies.
Brent LCOc1 fell by 83 cents, or 4.1%, to $ 19.16 per barrel after falling 6.8% on Monday.
CLc1 oil from West Texas Intermediate (WTI) fell by $ 2.57, or 20%, to $ 10.21 a barrel. The contract fell 25% on Monday.