The global markets are entering the quarantine stage

by **claud39** Wed Feb 26, 2020 8:42 am

The global markets are entering the quarantine stage

02/26/2020

Economy News _ Baghdad

Interested in the economic issue expected more losses amid rising concerns about the spread of Corona, which pushed oil prices to the lowest level in more than a month, as well as exacerbated global stock losses.

Oil prices tumbled about 4 percent, as the rapid spread of the Corona virus outside China fueled investor concerns about the implications of crude demand. Global stocks also continued to lose in light of growing concerns about the virus, after the number of new cases jumped in Iran, Italy and South Korea.

Magnitude of the risks
Oil prices fell in European exchanges because of the risks that the spread of the Corona virus emerging outside China will affect global demand in a market that is already in surplus.

The price of a barrel of Brent North Sea oil for April delivery was 56.05 dollars in London, recording a decrease of 4.19 percent compared to the closing price at the end of the week.

In New York, the West Texas Intermediate barrel for the same month’s delivery lost 3.97 percent to $ 51.26, shortly after reaching $ 51.24, a decrease of 4.19 percent. This significant price drop ends yesterday, Monday, with higher prices Barclay Brent and light oil, which reached 2 percent and 10 percent, respectively, last week since the resumption of its rise on the tenth of February.

OPEC is
currently awaiting market activists from member states of the Organization of Petroleum Exporting Countries (OPEC) and its allies who will meet next week in Vienna to try to secure a response to the oversupply, which is the size of the risks currently faced by demand.

China has indefinitely postponed the annual meeting of its parliament due to the emerging Corona virus, in a rare change in the Chinese system’s events that are organized and normally run smoothly.

The work of the People's National Assembly was scheduled to open on the fifth of next March, as every year, in one of the meetings that highlight the country's unity with the red flags in which it is raised and the decisions that are taken almost unanimously.

However, the appearance of the new Corona virus, which has infected thousands of people and killed 2,500 many of the infected, has changed the schedule.

The National Assembly
seemed to gather three thousand deputies in the Great Hall of the People in Beijing is out of the question while a part of the country is still under quarantine, while a large part of the Chinese live under strict quarantine measures or are hiding in their homes for fear of infection and not coming out Without masks.

Parliamentary official Zhang Xiaoyi admitted last week that postponing this year's session was "necessary" in order to "focus attention on preventing and controlling the epidemic."

Growth may experience a noticeable decline in 2020 due to the severe slowdown in the economy about a month ago due to the spread of the
virus.

Gulf stock exchanges also ended the end of their dealings on a collective retreat after the announcement of cases of Arab countries, particularly Oman, Kuwait and Bahrain, the emergence of cases of the emerging Chinese virus.

And he expected that the world gold prices would witness record increases until he exceeded $ 1700 an ounce, the highest level for this most active contract since February 2013.

http://economy-news.net/content.php?id=19144