The price of oil is decreasing again due to lockdown in many countries around the world.
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| [Oil price turmoil COVID-19/Europeans24] |
Because of the increased corona infections around the world, uncertainty in the international crude oil market has increased once more. This is due to the fact that the nation has already begun to take all necessary measures to deal with the Corona, which would minimize oil demand and supply. As a result, production activities would be interrupted, resulting in negative economic consequences.
The price of fuel oil on the global market rose by 7.4% last week. On Monday, however, the price of oil dropped 0.6 percent to 72.98 per barrel in the first trade of the week. However, today, Tuesday, the price has risen marginally.
According to ANZ Research, the vaccination program has improved the situation in developed countries, but the situation is worsening in developing countries such as India and Brazil due to a rise in corona infection.
Infections and deaths from the coronavirus have already increased dramatically in a number of countries. In India, for example, 2 lakh 73 thousand 610 people were infected in a single day. As a result, the number of people infected with coronavirus in the country has risen to 15 million, the world's second highest number. Furthermore, the majority of people have been poisoned in the United States. In that world, over 31 million people have been infected.
Yesterday, 1,619 people died in India as a result of the Kovid-19 outbreak. This is the country's largest number of deaths in a single day. In total, about 1 lakh 60 thousand people have died in Corona in India.
Flights from Hong Kong to many East Asian countries have been banned since yesterday as a precautionary measure against the coronavirus. India, Pakistan, the Philippines, and other countries are among them. The Hong Kong government issued a statement on Sunday.
Entrepreneurs in Japan, the world's third-largest economy, fear a fourth wave of the Corona is on the way. According to a monthly survey conducted by the global news agency Reuters, this is the case.
Although the rate of Covid-19 infection in Japan has been low in comparison to many other countries for a long time, it is expected to rise with the new wave.
The citizens of Japan, one of the participants of the Group of Seven (G-7) alliance of developed countries, are less aware of the risks of corona, according to the study.