US oil prices slid to their lowest level in more than a year, tumbling even deeper into bear market territory. Despite a smaller-than-anticipated build in crude inventories and a drop in gasoline inventories, it is really all about the virus here. US commercial crude inventories grew by ~500K bbls, compared to a forecasted build of more than 2 million/bbls. Gasoline inventories decreased by 2.7MM/ bbls while distillate inventories decreased by 2.1MM/bbls. Goldman cut its oil demand forecast from 1.2MM/bpd to 600Kbpd today and lowered its Brent target price to $60. We see oil prices improving through the year, assuming demand begins to normalize in the second half, it said.