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Goldman Sachs has lowered its second quarter brent oil price forecast, citing the negative impact of coronavirus outbreak on the global demand growth as the main factor behind its decision. 

The investment banking giant has cut its forecast to $47 per barrel from the previous estimate of $57 per barrel. The global demand is expected to fall by 2.1 million barrels per day in the first half of this year, the investment bank added. 

The black gold, however, is expected to recover to $60 per barrel by the year-end. At press time, a barrel of brent is changing hands at $52.50. Prices hit a low of $48.42 on Monday, having topped out at $71.28 on Jan. 8.