Barclays on Tuesday slashed its oil price forecasts for 2020, citing considerable downward pressure on the market from a Saudi-Russian price war and demand disruption because of the coronavirus.
The bank lowered its 2020 price outlook for Brent and West Texas Intermediate by $12 each to $31 and $28 per barrel respectively.
“Prices are likely to remain under pressure until the virus situation turns the corner, and if we continue on the projected market balances path, even Saudi
