And several analysts agreed Monday that the oil market is falling prey to worst-case fears. Global effects of the coronavirus would not be expected to hit oil markets for another month or so, he said. Priddy said Chinese oil refineries have reportedly cut back their “run rates” by 10 percent, or about 2 million barrels a day. But that’s not to say it will be robust: Oil reserves are already high, and the global economy has been slowing. At the time, the Chinese economy bounced back relatively quickly when consumer spending returned to normal and businesses reopened.

Source: Washington Post February 03, 2020 13:31 UTC