Coronavirus: Oil prices may plummet, says Goldman Sachs

Coronavirus: Oil prices may plummet, says Goldman Sachs



The outbreak of a new strain of coronavirus in China could have a negative impact on crude oil demand, Goldman Sachs has said.
The Senior Commodity Strategist at Goldman Sachs, Damien Courvalin, said the global oil demand could potentially fall by 260,000 barrels per day, hitting the aviation sector the hardest, according to Offshore Technology.
He said, Ultimately we expect jet fuel markets including cracks, regrade and Asian differentials to decline most if this outbreak persists given the likely decline in regional air travel.
Analysts at London-based consultancy firm Energy Aspects said they did not expect the oil demand to fall…



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