Bank of Russia: Coronavirus is significant uncertainty factor for oil prices in 2020
Moscow. Spread of the new coronavirus type is a significant uncertainty factor for dynamics of oil prices and for the global economic growth in 2020, the Bank of Russia says in its monetary policy report on Monday.
"Further development of the situation with the coronavirus spread is a major factor on the horizon of 2020 for oil price dynamics and growth of the global economy at large," the regulator says.
The Central Bank at the same time keeps its Ural oil price outlook at $55 per barrel in the base case of economic development for 2020, informsTASS.
By early 2021, oil prices are expected to decline to $50 per barrel and will remain close to this level later on, the Bank of Russia says.