Investment bank Goldman Sachs said the outbreak is likely to shave 0.4 percentage point from China’s economic growth in 2020 and could also drag the US economy lower. The outbreak could cut China’s oil demand by more than 250,000 barrels per day (bpd) in the first quarter, analysts said. A Reuters poll on Friday indicated oil prices should remain supported near current levels this year as political risks and OPEC-led output curbs offset growing supply. The poll of 50 economists and analysts was conducted mainly before the coronavirus outbreak. However, Brennock added that oil prices will remain vulnerable to downward pressures “until China reverses the virus tide”.

Source: Pakistan Today January 31, 2020 16:07 UTC