Heard on the Street: The extent of the outbreak's hit to oil demand depends heavily on how soon factories and shippers can resume work
Americans may have seen a hit to their retirement portfolios over the past two weeks, but they are also suddenly paying less at the pump. The underlying reason is the same: an outbreak of a previously unknown coronavirus in China, which has killed several hundred and could inflict serious damage on economic growth this year.
Oil markets, in particular, have been spooked by a recent Bloomberg report that Chinese demand has dropped by about three million barrels a day—roughly 20% of the nation’s daily demand late last year...
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