A new wave of epidemics in China has reduced global oil prices

Rising interest rates in the United States have also hit the global oil market.

World oil prices have fallen by as much as five percent. 

The drop in oil prices was attributed to the spread of the Corona epidemic in China, which raised fears that demand for petroleum products from one of the world's largest energy consumers could decline. 

In Europe, crude oil benchmark Brent has risen to 1 101.20 a barrel, compared to $ 96.85 a barrel in the US market. 

On the other hand, the rise in interest rates in the United States has also hit the global market. 

Oil market analyst Waleed Kodmani said that Due to the Corona situation in China, the oil market is not stable and the media is saying that like Shanghai and many other big cities, Beijing may also face lockdown. 

As China is the second largest economy in the world, its situation affects the consumption of oil and industrial materials in the world market and they are significantly reduced.