Amid the coronavirus carnage that is weighing on the riskier assets, Bloomberg came out with the news that the International Energy Agency (IEA) plans to revise down its oil-demand forecasts next week. Key quotes ‘I am going to announce it Monday morning in Paris,’ IEA chief Fatih Birol told a Congressional hearing in Washington on Thursday. ‘The impacts are already severe mainly because the transport sector is heavily affected.’ Last month, the Paris-based adviser to industrialized nations warned that the virus could curb annual growth in oil consumption to the lowest since 2011, but still called for 800,000 barrels a day of growth. Other analysts are now estimating that demand will contract, with Goldman Sachs Group Inc. predicting that consumption could shrink this year for only the fourth time in almost 40 years. The IEA will set out two scenarios when it updates forecasts next week, one of which is a base case that will reflect the current impact. In written testimony to the committee, Birol said it’s already clear that the outbreak is ‘negatively affecting global economic activity and that the IEA is “monitoring the situation extremely closely.’ Market implications While the coronavirus fears are already weighing on the commodity basket, news like this exert additional downside pressure on the WTI, which is currently down 1.19% to $45.50. Earlier, speculations ran through the markets that the Organization of the Petroleum Exporting Countries (OPEC) recommendation of 1.5 billion barrel a day production cut will be for the whole of 2020 rather than till the end of the second quarter (Q2). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Binance adds support for first African currency on its P2P platform FX Street 3 years Amid the coronavirus carnage that is weighing on the riskier assets, Bloomberg came out with the news that the International Energy Agency (IEA) plans to revise down its oil-demand forecasts next week. Key quotes ‘I am going to announce it Monday morning in Paris,’ IEA chief Fatih Birol told a Congressional hearing in Washington on Thursday. ‘The impacts are already severe mainly because the transport sector is heavily affected.’ Last month, the Paris-based adviser to industrialized nations warned that the virus could curb annual growth in oil consumption to the lowest since 2011, but still called for 800,000 barrels a day of growth. Other… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.