The impact of the Wuhan coronavirus on oil prices may be sharper than that of the SARS outbreak, even if the epidemic is milder
All the stars were lining up for a recovery in oil prices, except for the one with the greatest gravitational pull: China.
Tension with Iran didn’t take any supply off the market, but violence in Libya has. Meanwhile, the Organization of the Petroleum Exporting Countries and its allies seems likely to extend recently-agreed-upon production cuts through the end of 2020. And, last but not least, a sharp drop in U.S. drilling activity throughout the latter part of 2019 is likely to slow output from the shale patch.
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