“The oil demand collapse from the spreading coronavirus looks increasingly sharp.”

-Goldman Sachs, in a note forecasting a fall in the price of Brent to as low as $20 a barrel in the second quarter, a level not seen since early 2002. The bank also expects a demand contraction of 8 million barrels per day (bpd) by late March due to the pandemic and an annual decline in 2020 of 1.1 million bpd, which it said would be the most on record. [Reuters]