Oil price volatility to remain elevated on virus worries: Goldman Sachs

The global oil market expects the coronavirus outbreak to create a large demand ...

FILE PHOTO: An oil pump is seen just after sunset outside Saint-Fiacre, near Paris, France September 17, 2019. REUTERS/Christian Hartmann/File Photo

The market is pricing in a 500,000 barrels per day average year-on-year loss in oil demand for 2020, all else constant , the Wall Street Bank said in a note dated Feb. 3. “Oil prices are now at levels where we would expect a supply response from both OPEC and shale producers, and where China would likely seek to build crude inventories,” Goldman Sachs said.

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