Oil and other financial markets slid today on renewed coronavirus fears and its potential effects on crude demand. Analysts reports and forecasts of impacts from the virus have been scattered all over the
map with some saying the virus has peaked and others saying it’s only just begun. Ole Hansen, head of commodity strategy at Saxo Bank said “It’s safe to say that uncertainty (surrounding coronavirus) has returned with a vengeance,” He continued, “We have to acknowledge that we’re dealing with the biggest demand shock since the financial crisis… Until we see China getting back to work, the virus will be the main focus.” The total US rig count rose for a 3rd straight week by 1 to a total of 791. Oil rigs grew by 1 to 679 while the number of gas rigs remained unchanged at 112.