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Untimely shock of corona virus to oil demand

Bank of America Goldman Sachs said the corona virus has caused a shock in oil demand.

According to Yahoo Finance News, Bank of America Goldman Sachs Damien Courvalin, said in a report: Corona virus damage to oil demand is difficult to estimate.

Also he said that prices are now at the level which we expect to supply a response from OPEC (Organization of Petroleum Exporting Countries) and US shale producers, which will only limit the capacity of the oil price drop.

Goldman Sachs is optimism about the limitation on sharp decrease of oil prices while Citigroup Bank in America dropped its estimate of oil prices in 2020 extremely.

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