Coronavirus: crude prices likely to drop by $ 3

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Mumbai, Ta. 22 January 2020, Wednesday

Goldman Sachs has predicted that crude oil prices could drop by as much as $ 1 a barrel due to a possible reduction in oil demand from China, a major oil consumer country, due to the spread of new coronaviruses. Despite the disruption in supply from the Middle East, the decline is likely to be seen.

The virus has spread from Wuhan, to Hubei, China, and has spread to the rest of China. Six cases have been reported and 9 deaths have been reported so far. The virus has spread to the United States, Taiwan, Japan, South Korea and Thailand.

This virus spread from person to person has caused panic in the money markets as China was also the source of the severity acute respiratory syndrome epidemic spreading to 1-2. The epidemic killed 6 people worldwide.

Considering the effects observed during the severity acute respiratory syndrome, Sachs studied how the condition could be created in 1. The average daily demand for oil worldwide is estimated to be around 7,6 barrels a day.

This estimate also includes the daily demand shocks of 1,6,3 jet fuel. Traveling to China due to the spread of the virus will reduce the demand for jet fuel if it is severely affected. The initial impact of which could be to reduce crude prices.

Brent crude is currently trading at around $ 5 a barrel, while the price of Naimx is around $ 5.


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