Coronavirus from China could hurt oil prices by $3 per barrel: Goldman

Goldman Sachs said a potential drop in oil demand from top energy consumer China due to the outbreak of a new coronavirus could hurt crude prices by about $3 per barrel, countering concerns about Middle East supply disruptions. The outbreak began in the central Chinese city of Wuhan in Hubei and has spread to the rest of the country, with 440 confirmed cases and nine deaths so far.

It has also spread to the United States, Thailand, South Korea, Japan and Taiwan. The new virus, which health officials have said can be passed from person.

This article is no longer available in our repository.

There could be multiple reasons for this.