It's now facing the weakest oil price since the first term of President George W. Bush. Demand is collapsing at breathtaking paceWith travel restrictions and quarantines accelerating, energy analysts are scrambling to downgrade their oil demand forecasts. Goldman Sachs now expects 2020 oil demand to shrink by 1.1 million barrels per day, hitting a low in March when demand could plunge by 8 million barrels. Rystad Energy is even more pessimistic, calling for a plunge of 2.8 million barrels per day in 2020. Goldman Sachs warned Tuesday evening of an "inevitable fall" in US oil prices to around $20 a barrel during the second quarter.

Source: CNN March 18, 2020 13:15 UTC