Oil stocks fell by more than one percent at the moment trading ended on Friday. This drop is linked to the expected long-term impacts of the crisis in China on the demand for oil. Nevertheless, the weekly price drop of more than one percent did not prevent oil prices from settling at a mark of $72 per barrel. The price drop is also explained by expectations of Iranian returns to the global oil market after the USA and Tehran reached agreements on the uranium program. However, long-term risks of rising numbers infected by Chinese in the new wave of the COVID-19 pandemic have put pressure on oil prices, causing a negative relative demand for oil in the largest global consumer energy markets. Worldwide, the number of reported infection cases reached more than 130,000 a day, resulting in strict restrictions on movement in the Chinese provincial areas, where more than four million people reside.
