Russian Deputy Prime Minister Reported of Changes in the Oil Market amid News over COVID-19
OREANDA-NEWS. A significant correction in oil prices was caused by the emergence of a new strain of coronavirus in Great Britain, which led to the suspension of flights to London by a number of countries. This was stated by the Deputy Prime Minister of the Russian Federation, Alexander Novak.
“During these two days, the situation, in my opinion, has changed, it is changing quite rapidly. Tough lockdowns have been imposed on travel to Great Britain. A new strain of coronavirus has appeared, and this has influenced, among other things, the fact that we are seeing a significant correction in oil prices in the markets today. We did not see this two days ago,” the politician explained. Novak added that current situation on the oil market is unpredictable.
Deputy Minister also said that Russia is noticing the impact of the second wave of the spread of coronavirus infection on the oil market, although it is milder compared to the spring.