This translation has been automatically generated and has not been verified for accuracy.Oil prices will stay below $40 a barrel this year, as measures aimed at halting the rapid global spread of the coronavirus cripple demand and the collapse of an OPEC+ deal adds to a mounting supply glut, a Reuters poll showed on Tuesday.
“The floor has dropped out of the oil market, and we do not expect it to return until the fourth quarter,” Economist Intelligence Unit analyst Cailin Birch said. “Mobility restrictions to help contain the spread of the virus are largely to blame for the plunge in demand,” UBS analyst Giovanni Staunovo said, adding that flight restrictions in Europe and the U.S. were major blows to jet fuel demand and “tapering” traffic would hit diesel and gasoline consumption.
globeinvestor Wait until you hear the price of Western Canadian Select, .
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